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ktahelton - Be SURE you get the right thermostat. You can NOT use an IH 203 thermostat for a T444E, or an early (pre-99) PSD 203 - the waterpumps are different. The thermostat is the wrong length and will cause circulation problems. You have to have one made for the PSD - and there is NO OEM source (Ford or IH). You have to get one aftermarket. Dieselsite sells one. I'm sure there are others as well. Oh, you'll probably need a new thermostat housing as well - the stock one rots out and really needs to be replaced, either with a new stock one or with Dieselsites trick aluminum billet housing.
I have a 203 thermostat. I can't say it made a big difference. But there is a change. After it warms up, it seems a bit quieter and smoother than with with the stock one. In-town fuel mileage seems a bit better - average seems to have improved by less than 1/2 mpg, but the jury is still out on that. Highway mileage seems no different.