If your engine temperature gauge is reading 210-220 (when working hard), that is fine. Nothing wrong with those temps. Diesel engines need a certain amount of heat to be both efficient and keep engine wear to a minimum. At 150, the engine will run too cool and won't be as efficient, thus decrease mileage and increase both engine wear and emissions. Running a cool thermostat won't benefit much of anything in my opinion. It is not like running a cool thermostat will fix any overheating issues you may have been experiencing. If your engine is overheating with the motorcraft thermostat, you need to look into your vehicles cooling system (radiator, hoses, water pump, etc).
For the past year, I had been running a crap Murray thermostat (190 degree) in my rig. During the summer, I noticed that my engine would get "hot" while going down the highway (the fan clutch would kick on...then off etc.). And in the winter, my engine never seemed to warm up. It would literally take about 12 miles to warm the engine up to normal op temp. So I eventually got tired of that nonsense and recently installed a OEM Motorcraft thermostat. All problems fixed. My engine seems to warm up so much faster and once warmed up, the op temps are lower as well. A properly functioning thermostat is necessary for a properly running idi!