One problem with removing a thermostat is that with a very efficient cooling system it can actually cause overheating.
I've seen this before with big four core radiators and high volume water pumps, with the thermostat removed. The coolant flow rate is so high that there is insufficient time for heat exchanging in the radiator. The water cools a bit, but not as much compared to a slower flow rate. It can really be frustrating because the person fighting ever increasing temps does not realize the cycle he has set up. So the next logical thing is an even BIGGER radiator, which makes it worse.
The trick to removing a thermostat - on race motors - is to replace it with a restrictor plate. This is simply a circle of brass or aluminum with a hole cut in it. Like a doughnut, but flat. This reduces to the flow rate so the coolant has time for proper heat exchanging in the radiator. This is not recommended for street engines.
And even if there is no overheating, there can be excess wear from too much cooling.
Engines that take an excessive amount of time to come up to temp can cause excessive wear due to low tolerances. Some chokes will remain on longer, which can result in excessive fuel usage plus washing down cylinder walls with gasoline, reducing lubrication. If the choke comes off too soon, drivability is reduced. The engine stumbles and is "cold blooded".
Low operating temps can result in increased wear. This is because tolerances are machined for a particular temperature range. If you take an engine that was designed for 210 to 220 degrees operating range, and run it with a 160 degree thermostat, the tolerances are less because there is less expansion of the metal. The result is more wear. Charts showing this have been made for decades, and ignored for decades. Race engines have increased tolerances machined in because they are designed to run with less expansion, especially drag engines.
This chart shows the increased wear rate when an engine with normal production tolerances is run excessively cool.
From:
HOTRODSRJs COOLING TIPS Operating temperature vs power and longevity!