What size of bit should i use and how many holes and is there a good specific spot on the Thermostat its self for this?

I think its Intense racing that sells this. You can check their website /email them and ask them. I dont think they would be anything bigger than a 1/8".

I put a post in Performance regarding this. With a pic. And I believe you'll find them on ZZP'* site as well.

I used a 3/16 drill bit. drilling 4 holes it has worked great

I see that you are from Alberta. I know how cool it can get there starting about now until next April.
If you are concerned about getting any heat to defrost your windows, you should probably not drill any holes......and maybe keep the 195 stat in until spring, then swap it out for the drilled 180 stat.
If you don't care, my recommendation is that you use a 1/16" diameter bit. Drill 1 or 2 holes just inside the edge of the rubber ring gasket.
If you want a really long warm up period and don't care about losing 1-2 mpg drill 4 holes.

Well SSEimatt93 I'm from just north of you up in Edmonton.
My 92 SE ran a drilled 180 T-Stat with 2 - 1/16" holes in it just as SilverBullet suggests. I ran the STOCK 195 in the colder months too BTW!

These 2 Canucks are right on the money. Even in the milder Oregon climate, two 1/16" holes are perfect. Amazing the difference those two little holes can make.

well.. just thinkin bout the water pump.. when the stat is close and the thing is still running.. does that wear the pump out cause it'* creating more pressure or is there a clutch on it?? didn't mean to steal you thread

My bonneville runs hot..it almost over heated with the 195 and with the 180 on a mid 70-90 degree day its running close to the red zone on the gage, this is with the AC on or off, one day i even cranked the heat on max and put all the windows down to help it keep cool but it was 110 that day...i flushed the coolant in May, with water only im thinking of using a cooling flush product next time to help clean all the **** in there that might be clogging it up. For the winter i prolly will go back to 195 but the 180 seems let the car average 90 celcuis on the gage (the half way point). and produce nice hot air.

Matt, go ahead and drill the two 1/16" holes. If it becomes too much trouble to warm up, go with the heated seat upgrade like some of us have