thermostats wont cause water leaks, to high of a pressor cap will tho, running with out a thermostat, or one that is to cool. will lower gas milage because the engine doesnt get hot enough to fully burn all the gas, it will also cause spark plugs to foul i recomend a 180 degree one, if the one you buy doesnt have a bleed hole in it out next to the rim drill a 1/8" hole there, it acts like an air bleed to let water flow by the heat sensor on the thermo so it will open quicker