[urr2slo]

There is a lot of incorrect information on this thread. To answer the Op,it is an easy install, the hardest part will be burping the air out of the cooling system afterward.
Now what follows, you will probably get a check engine light come on at some point and time as the engine will not reach proper operating temp quickly enough. That is corrected by tuning and at the same time you can adjust when the fans come on to take advantage of the cooler t-stat. The stock t-stat is a 196 and the Camaros normally run at 205. With a 160 it is ideal to program the fans to start to come on at around 175 to keep engine temps around 180.
Now lets get to why you are installing a cooler t-stat? Is you car stock? If it is you will lose a little gas mileage and your tailpipe emissions will be slightly higher, there will be no performance gain as your car is now not as efficient as it was.
If your car is modified, then what mods do you have? When you start making horsepower you start generating addition heat in the engine, especially when making the additional power with boost. That is why you would want a cooler thermostat. Hook up a scan tool and watch the ECT screen and go do a few WOT pulls and see how quickly temps go up, in high h.p. cars it climbs quickly. That's why you would use a 160 or 180 t-stat and tune for it to get your engine running efficiently. Once you get past 185-190 on a modified engine it will cost you some power if your running hotter.
Example:
I recently installed a 160 t-stat in a friends modified Z06, the car dropped 25-30 degrees in operating temp and when I Re-Tuned for the cooler t-stat I was able to get a 9 h.p. gain on the first pull of 3 and a 18 h.p. gain by the 3rd pull.
First pull before was done with the ECT at 198, last one ECT was at 224.
After pulls started with first pull ECT at 174 and last pull at 196. Now this is a modified car which is now making an average of 621 rwhp, before it would cruise around town with the ECT's in the 220's and on hot days out here in the 230's, now it's cruising around town in the 180's, still waiting on hot days to compare. On track temps since the install did not exceed 208, before even in cool weather it would get as hot as 242.

The purpose for a cooler t-stat is operating efficiency, on a stock Camaro it is operating as designed so pretty efficient, More power means more heat, means you need to make your cooling system more efficient to get the most out of your power mods.
Where you live, and your seasonal climate changes will also determine if you should go with a 160 or 180 t-stat.

I am running 160 t-stats but I am in AZ, my '10 is making over 700 h.p. and the '12 is at just over 600 h.p. I do have 2 different tunes for both, winter and summer, with the winter tune mainly commanding the fans to come on later to get more engine temp in it quicker and for better cold weather drivability. To cold will also cost you power. I try to keep my normal operating temps between 175-185 for maximum power when getting on it.
Hope this helps some of you.