The 180 thermostat on my 98 V-6 got stuck open. Stock was 195, been running a 180 for many years. Currently running a 160. Doesn't seem to hurt a thing.
As far as gauge accuracy, mine seems fairly accurate. Normal needle position for stock thermostat is dead center on the gauge. With the stock 195, mine ran there. With a 180, it sat about one third of the way up. With a 160, it reads between the two lines at gauge bottom. When my thermostat was stuck, it would almost go to the top. Never quite made it there though. Just got about 3/4 of the way up, then stopped. Fuel gauge obviously is accurate, though I never go below half tank. Battery voltage is accurate on mine. Several times, I watched it drop from mid gauge and start sinking. Soon after, I needed a new battery. Every single time.
Fuel gauge. 17 gallon tank IIRC. So at half tank, it should take 8.5 gallons. Filled it Tuesday, took 8.75. Pretty damn accurate.