Do not use 160 F for alcohol in MBM because it's so close to the boiling point of alcohol that significant evaporation will happen.
In other words, much/most/all of the alcohol will evaporate.
This actually happened to me..
After an optimal decarb (240 F for 40 min with a verifying thermometer) 160 F can over-decarb after a few hours of time.
Whether to do a cold or hot extraction depends on what you want to use the tincture/feco for.
Hot extractions pick up more plant matter, chlorophyll, and plant waxes than cold soaks.
Personally, I don't think we know everything healthy that's in the plant, so I prefer long, warm soaks to try to pick up everything.
Dabbers prefer the purer product produced by cold soaks, but I believe they leave some of the thc behind.