I got the t-stat replaced. It was pretty easy. The only thing that took some time was burping the system completely.
The new t-stat does open right near 203F. However, when cruising down the highway at 75MPH and outside temps below 30F, once the coolant goes above 203F, it then will bounce around between 190F and 200F. It isn't consistent at all and it doesn't seem to stay above 200F like you'd expect. Does the t-stat have some hysteresis to it?