On my 454, with logs and snails, I run it at 130 - 140. In no wake zones, it climbs to 155ish.
With open headers, 120 is enough.
Remember, it is a single pass system, lake temp plus 50 degrees is sufficient for open headers.
Logs and snails preheat the water before it goes to the engine. Always keep the temp below 160, where the hard water starts depositing contamination on the inside of the engine.
Just my $0.02
Dan'l