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In theory, it would work, but not the way you want it to. The ECM bases fueling and spark on the air temp and the coolant temp. Just because the motor see a cooler air charge, if the water temp is still past the flag for what the ECM considers warm, the timing and fueling won't be affected. The cooler T-stat works better at fooling the ECM because if the warm flag for the motor is lets say 180, and you have a t-stat set for 160, than the ECM will keep the motor in the "warm start up" mode, giving more fuel and spark. The downside is, when you're just cruising, instead of the ECM going into closed loop to allow for a leaner burn since you're not putting a major load on the motor, you're just burning away fuel that you don't need to burn.
In short, all these types of gimmick are just that, gimmicks. Yes, they give you some negligible benefits, but in the long run aren't worth the time or the $10.
Caveat= All of this information is based on what I know about how the EEC-IV's work, specifically Fox and SN-95 Mustangs. The expeditions might be slightly different, but I doubt it would be enough for me to think any differently.
Keith

Its the same as those ********* chips they sell, these guys just market it better. Plus its bad for the motor