The old time flathead boys told me that without thermostats, you will develop little eddies from the fast flow in the block, which will result in hotspots and cracks. I use a good quality thermostats with a 160 degree rating, and trim the outside edge so it will fit in the hose like the origionals. Here in Canada, stay away from Cdn tire thermostats, they are crap. I use the Ford thermostats which would fit a 351 engine. They have never failed me, even on the hottest of days.
Some of the old ford guys will also suggest just putting in large washers in place of the thermostats to restrict flow, but I haven't found a problem with using thermostats.
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