That thing should be running hotter than that. The thermostat is most likely not closing, it should be up at least 190 without the grille block. I suppose the blocked grille could cause the fan to run more, I would guess that the extra drag may or may not be worth more than the aero gains depending on load and climate.
It's possible that blocking off airflow through the A/C condenser could raise high side pressures and therefor make the compressor harder to turn. If it gets to that point the A/C performance will suffer and it will not blow very cold.
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