Just my .02,
It looks like your gauge is reading low, about 160-170 deg.
Mine when up to temp sits just below 210, 195-200 deg.
My 2.5 has just one temp sensor, but I have heard some
have two, one for the gauge, one for the computer. Change both.
As for the thermostat, from dead cold, remove the rad cap,
start the engine, look into the rad.
If you see water movement, it is not working properly.
If working properly, you will see no movement, then when
up to temp, the coolant will start moving and even overflow out the top.
There is no reason to run anything other than a 195 thermostat.
Mine is stock, but maybe with all the mods you have done,
your ecu is getting confused and staying in some kind of limp mode.
Is it throwing any codes?