usually not, by removing the thermostat in a car the coolant will flow so fast it doesnt have time to transfer heat efficiently, thats why alot of car will overheat worse without a thermostat then a stuck open one, at least with the stuck open one it restricts the flow somewhat and slows down the coolant.
There was gains in cars with high flow thermostat housings, they basicly had a couple extra holes on the outside edge to let a little coolant pass all the time, this helps eliminate the cold surge the engine sees when the thermostat opens. There is a limit to which the coolant speed must be controlled at in which to disapate heat/heat transfer to the coolant exchangers.
As we talked about before, I believe the addition of a small dirt bike radiator would yield positive results in your big bore engine.