Howdy Back Jammer and All:
Yes, your water pump turns all the time, the thermostat simply regulates at what temperature coolant is allowed to circulate through the radiator. With a 180 degree thermostat, it will open when the engine side of the thermostat coolant gets to 180 deegrees. When driving in cold or cool winter driving it might partly close to maintain 180 by slowing coolant down. A 190 or 195 degree thermostat will give you higher heat to the heater
In extremely hot summer weather your coolant temperature may exceed the thermostat rating, but, if the thermostat is working properly coolant temp will never go below the rating. There may be some value in using a 160 degree thermostat in summer heat as it will allow radiator cooling function to kick in at a lower temp. Ultimately, you coolant temp will rise based on work load, ambiant temperature, and cooling system until heat is exchanged and temperature can be stabilized.
These two extremes are why FoMoCo added the spacer in the 1st place.
The true function of the thermostat is to hasten warm up and maintain a minimum engine coolant temperature. Engines work better at operating temperature. If you're after MPG you might consider using a 190 stat, assuming your cooling system can handle it.
Changing plug gap and plug heat range should be considered part of fine tuning a system. The balance is open plug gap until you notice missing at higher rpm and maintain a smooth idle. The Petronix coil should allow .045" to .048". This is probably the max.
Fix your idle by fine tuning the carb and ignition. Removing heated water from the carb spacer may worsen your idle, but it is not the cause of your rough idle. Make sure there are no vacuum leaks anywhere, manifold vacuum readings are at the highest possible by tuning the low speed air screw, initial advance is optimized, carb is clean and well adjusted, and that the ignition system is in tip-top shape- cap, rotor, plug wires. There is no reason that you shouldn't expect a stock 200 to idle smoothly, with or without hot water to the carb spacer.
Chaz, the volume of air in the carb spacer is not enough to have an effect from cooled air. It is also cooled already by passing through the venturi. If you want to do more you might try some kind of heat sheild between the carb spacer and the rest of the engine.
Good luck.
Adios, David