It's definitely true about the water, but anti-freeze also is a lubricant. I would run 25% anti-freeze and 75% water.
Chris, so that's what that thing is that I keep hitting on curbs?
You didn't mention what type of thermostat you have. My guess would be that it's a low one. Try going back to a stock thermostat.
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351W 89 Mustang GT Convertible