Correct me if I'm wrong, but I believe the factory 2.3 cars had electric fans, didn't they? The two could be related. I don't believe the ecm would control the temp, so probably just a bad fan switch. Of course, the last time I owned a 4 cyl mustang was an 88 or 89 model around 1993, if I remember correctly. Do that math and that should age me pretty well lol!
Like Erkenbrand said, check for exhaust leak. The cool running temp will make it run rich, eventually ruining the cats and causing other issues with plugs, valves, etc. Check the temp externally with a ir gun or whatever. Make sure the gauge is showing correct temp. If it really is low, get the fan working properly and drive the snot out of it for a few days. I would suggest pulling a couple plugs before and again after. If they're black and sooty before, they should be cleaner after driving it for a while with warmer temps. That will let you know you're getting somewhere! It should have a bit more pep, as well!