From an article written by Chris Callahan on this forum:
When we get below 180, the oils will simply come out of the hops and into the wort, a lot like making tea. Some steep for 15 minutes, some 30, some longer. You know the drill: experiment
Some home brewers will chill the beer to 180 then add a hop steep, usually of decent size, I'd say it should be at or double the amount you usually dry hop with. Others add some at flameout, let it slowly cool to 180, and then add the other half. Finally, some quickly chill to 150 or 140 then do a hop stand. Just note that temps above 170 will have some isomerization. Meaning, they will contribute some bitterness, around 10-15% of the numbers of boil additions.
From an article on bertusbrewery.com:
If you aren't using 3-4lbs/bbl of hops in a west-coast IPA, you aren't using anywhere near enough hops. That's between 9 and 13oz. Yes, that's a ton of hops, and yes it can be expensive to brew an IPA.