The stock oil cooler bypass thermostat starts to open around 180° F. The purpose of such a bypass is simple; you want the motor oil to get up to normal operating temperature as soon as possible, and without a thermostatically controlled bypass it would take much longer to get up to normal temperature, especially in cooler weather. Running a lower temperature thermostat on the oil cooler just extends the amount of time until the oil gets up to full temp, it does not mean the oil temp will always be lower by 20° F. Ride long enough and the temp will climb just as high as it did before. Take short rides in cool weather and the oil will probably hold more moisture and contaminants. In other words, there is no free lunch. Reminds me of all the guys thirty years ago who thought changing the thermostats in their automotive cooling systems to a much lower temp, or just removing them entirely, was a good thing. WRONG.
The engine is designed to run a normal oil temperature of 230° F at standard ambient air temps, and that temp will increase as ambient temps increase and/or airflow over the engine and cooler decreases. If you use the viscosity and type of oil recommended, there is no need to obsess over oil temperatures. If you ride in unusual conditions, like hotter than average climates or with a lot of low speed riding, then a good fan assisted oil cooler is a much better idea than changing the thermostat in the cooler bypass.
Jerry