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What Mark said is consistent with what I have seen and heard as well. I have seen water temps closer to 230 and Oil up to 245 on really hot summer days.
The old 1997 Mazda Competition Guide stated:
Water Temp (at outlet) : break in 160-175 / normal 160-195 / max limit 205
Oil Temp (at oil Pan) break in 160-175 / normal 195-230 / max limit 250
oil temp 240 is my limit.
I've seen it a couple times, changed the motor shortly after