A cooler temp thermostat will reduce the engine's operating temps a bit. It's not going to change the temp of the incoming fuel mixture which is more important. Forget about running without a thermostat, hell, most of the race cars I've seen still use them and for a reason. There are a lot of reasons why automotive engineers choose a specific operating temperature range for an engine. I'll keep it simple, they did the thinking for you, take advantage of it. I highly doubt you'll find a 120? thermostat that'd fit, and I wouldn't recommend it either.
If you want to see the car run better when it's up to temp, do it right. Fix what's broken, make sure the engine is getting the coolest air possible, make sure the ignition system is in good order, adjust the timing to suit your driving style, make sure the engine is breathing well (intake and exhaust restrictions minimized), and make sure the vacuum system is in good shape and free of leaks and obstructions.
Do it right or don't do it... otherwise it'll just bite you in the ass.
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