CalamitySC, yes in fact most of us do run without a t'stat and control temp with the "bypass valve". I ran this way for over 35 years.
Also MMI (Don and a few members) developed a new t'stat to replace the old a no longer available Holley t'stat.
Do remember that these are special t'stats because they don't just open they open the passage and close off the bypass at the same time so an automotive style will not work.
Oh and welcome to the MMI Forum!
Dave Nep[tune