You are probably correct as i took some readings with an IR thermometer the other day after a long drive and around the top of the intake area and thermostat housing the temp is between 180-195F, maybe a little bit cool but not too much, with the gauge almost in the middle, it's just that all my other Fords i've had always read bang on in the middle at operating temp, then again this is the oldest one i've had too, my other ones have been Early 80s-Early 90s models with electric fans and stock aluminium/plastic radiators.
And this is the only one that i've "upgraded" the radiator on, years ago, 10+, this thing had a tendency to overheat sometimes in the summer, the radiator was clogged up and dirty from using cheap no name brand coolants , i just didn't know any better then...
So i went for the more expensive route of having the original rad completely re-cored and rebuilt, painted, everything, that cost over 300 bucks when i could get a cheap chinesium alloy one that fits and cools fine for 95., we´re talking 2016 so this isn't a recent "problem".
I wanted to preserve the original look.
So yeah i suppose it must simply be that it just cools a little too much in winter.
It holds just shy of 10 liters of coolant now ( 2.56 US GAL ), quite a bit for a 3 liter V6 ???
Interestingly, Ford even offered an optional "RS" 4 ROW! rad for these engines that held 11.4L!! a little over 3 Gallons!! as they used to sell all kinds of upgrades back then in the UK and Germany from radiators, HD Water and oil Pumps, pistons, cams, Rods, heads, intakes, carbs, gas shocks, vennted rotors and bigger calipers, anti dive kits, lowering kits, single rear leaf springs, spoilers, LSD´s, different rear end ratios, body kits, wheels, you name it, it was called the "Series-X or Ford RS aka Rally Sport" parts catalog...