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It's not too bad really. The t-stat housing is right the on the front on the lower intake, you'll need to put a catch pan under the radiator petcock to drain the radiator a bit. Use a clean container if you plan to reuse the drained fluid.
You don't need to empty it, just drain enough to drop the coolant level below the t-stat housing. Depending on what accessories you have on your engine it may be a bit of a tight fit to get your hands in there, but you take a 1/2 inch wrench and remove the 2 bolts holding it in place (shouldn't need to remove any hoses) and pry the housing loose. Remove old t-stat, taking care to notice which way it goes, clean off old gasket and install the new t-stat and housing. A thin coat of gasket adhesive is a good idea, I like the red spray-on stuff. If you use silicone, use it sparingly. Just a thin coat is enough.
Reassemble in reverse order of disassembly, and refill radiator.
What temp t-stat are you using? An EFI likes a hot t-stat to run properly, usually 195 is the recommended temp. -TD
If your hoses are old, replace them at this time as well as the clamps.
That thermostat can be tricky on one point- keeping it from slipping down and getting the flange pinched between the engine and thermostat housing before it's tightened down.
I tried several times before I ended up taking off the big hose, start tightening it down, then stick my finger in where the hose was and lift up the thermostat so it didn't get pinched in there, tighten it a bit, make sure it's still floating, and then finished tightening and put the hose back on.