Anybody run with no thermostat in the summer? What's better to do?

[ubtripn]

I am trying to get my 350 to run cooler. I have heard two theories:

1. No thermostat means more overheating because the coolant has left time to be cooled.

2. No thermostat means the engine runs cooler because it is less restricted.

So far in my life number 2 has proven true but not this time.