I've chased this for a while, the sister car to mine P2125, also has a 427FE. I was wondering if my oil temp gauge was even working. Steve's was at the expected operating range. The temp gauge was changed to electric and the original was checked and found to be good. They both rarely moved off the peg at 40 degrees. I used an IR thermometer and read 180F on the top of the external oil cooler and 40 on the gauge. After weeks of talking we discovered that my sensor was in the sump, and Steve used a plug on his remote oil filter mount. When I get around to it, I will change the sensor location and remote mount the oil filter.
Regards
Grady