Mash temp drop

This^^^^?

On some coolers, sometimes water/wort can seep into the cooler’s insulation space via a poor seal at the valve and cause ineffective insulating.  Pull the valve and check for liquid in the insulation space.

Also the cheaper orange Igloo coolers are not insulated as well as the spendy yellow ones.

Yeah that’s quitea drop. I’d be looking for cracks/openings on your mash tun. I used a rectangular cooler for a while and it held temp great.