The 230-degree gauge does indeed read consistently wrong with any known sender, which is one of two reasons why Ford issued two different value resistors to be jacked into the gauge line, thus lowering the gauge readings. The other reason was to reassure drivers that running a 351C at 220F (pegged gauge needle) would not "blow up the engine".... See the Tech Service Bulletins for details.
The later 0-260 gauge does read more correctly on most Panteras; I was once told there is a resistor INSIDE the late gauge's case (I have not verified this). So to be sure, calibrate the new gauge in your own car, noting that on some cars with old wiring, turning on the headlights or the A/C will increase the temperature shown on either gauge by 30 or so degrees, due to grounding problems. Also note that you're kidding yourself re engine temps if the gauge sender is still mounted in the swirl tank instead of where Ford put millions of senders on other cars- in the block just below the thermostat.