What degree Thermostat?

The 160 degree thermostat allows your engine to run cooler, making more power by increasing charge density and reducing the propensity for knock. A cooler thermostat can often allow you to run more ignition timing at the new lower coolant temperatures.

The low temperature thermostat is especially helpful at the drag strip when you are trying to cool your engine down between runs. With a stock thermostat, once your coolant reaches 192 degrees, the thermostat is closed and it takes a lot longer to cool the engine down because no coolant is circulating through your radiator. With a 160 thermostat, this doesn't happen until your coolant reaches 160 degrees.
I think we're talking about a street car here. Most serious race engines don't use a thermostat but use a fixed diameter restrictor washer. They also use an electric motor and/or water pump for flow instead of a crank driven pump. If it's a street/strip engine, I don't think they would be using a 192 degree thermostat....and shouldn't if they do. 180 is plenty cool enough but still allowing the engine to reach operating temps for better ring sealing.