Thanks, this will help a lot. Looks like I am going to do it either this weekend or the next (the weekdend before we go to Bill'*).

180, Matt. Not 160. Drill one small bypass hole in the rim just inside the rubber seal.

What is the purpose of drilling the bypass hole?

It functions as an air bleed - it allows trapped air from the intake manifold to easily pass out of the engine. The hole should be placed at the 12:00 O'Clock position in the thermostat housing when you install the thermostat.