I don't think it will matter much on T-stat choice. 10 degrees is not much. I prefer the lower T-stat as it can lower engine temps, but I like to run a 160 T-stat. If you drive in winter/cold weather, then you would probably want the higher temp T-stat so you get good heat out of your heater. Not sure if any emission items that might be found on your car would be tied into the engine's running temps.
If you get a typical store bought type T-stat, I also suggest that you drill a 1/8" hole or two in the T-stat just outside of the center section, but no so far as to get into the gasket sealing edge. I actually drill 3 in my T-stats. The purpose for this is that it will allow any trapped air through and helps in re-filling the system. If the T-stat ever sticks closed, it allows some (very little of course) anti-freeze to flow, but more importantly if the T-stat sticks, the engine can get hot enough to boil the anti-freeze and then blow it back out through the lower radiator hose and out the radiator - rather quickly & violently in my experiences. The small holes relieves this and lets that boiling pressure to escape - and
can slow the rate of boil over
which is going to happen anyway if the T-stat sticks closed.
Looked up one for a 440CI application and this one by Milodon seems to have good reviews (some others did not):
Milodon High-Flow Thermostats 16406
And, here is an interesting post to read which might be of some help (?) as well:
Correct thermostat for 440-3?
On the thicker oil, as bearings and other surfaces wear, clearances open up. Lighter oil can flow easier out of the larger clearances whereas thicker oil won't. So it may simply be a sign of wear on the engine. Like the T-stat, not always good to have the heavy oil if you use it in winter/cold weather as the thicker oil when cold can take longer to reach bearings and can put an additional strain on the oil pump/gears when you first start the car to warm it up.