Well I'm glad I went out of my way to find the 88 deg thermostat, because the one I pulled out of the car said 88!
For anyone who wants to know the part number, it's 11 53 7 511 580
The stat is actually for a early e36 328i, but they're interchangeable. I didn't use the O-ring that came with it - too thick. I reused my old one because it was still pliable and in good shape. You'll need a new gasket though 11 53 1 721 172
For curiosity's sake I put both thermostats in a pot of water and heated it up. My old one opened much too soon. I'd estimate 150-160 F. I could put my fingers in the water for a few seconds before I felt pain
That's what was making my car run too cool. Now the temp gauge rises to the middle hash and doesn't budge, city or highway. The replacement job took me maybe an hour, not rushing, and I only had to drain one gallon of coolant from the system.