The 180* T-Stat will allow it to run cooler obviously and you dont need to change or program the PCM to do so as far as I know. If you look at the temp gauge, there are four major marks on it and two smaller marks between each of those. GM and their techs would have you run an engine temp that puts the needle at the middle of the gauge. Ive asked GM mechanics before and was told they like to see about 200 - 210 which to me is a bit too hot.
The 180* T-Stat I run (its drilled also) puts my cruising temp just above the first major mark, usually about the first minor mark after that and it will go up and down around there. In town it will go up some but I have my PCM programmed to kick on the fans around 185 I believe.
You can indeed run an engine too cold. If your thermostat were ever to stick open you will find that it will run cool enough to cause some stumbling at idle and you will most certainly use a bit more fuel. 180* is about the coolest thermostat I would ever use in a passenger vehicle.