If everything is perfect in the engine & surrounding systems, then an engine should run quite cold without a thermostat
not good at all,,,& much engine wear occurs & also the state of tune would be yuk & require much more fuel to be added into the air stream for it to run fair,,,not the way to do things really
Heaps of race guys do use restrictor plates, but the original intention here was to help lessen any chances of failure, as "IF" a thermostat stuck open or shut during a race, then the car would obviously not work that well , yeah??? easy to understand hey?
so with a blanking plate, with a certain hole size to suit the engines cooling needs on full noise at race meetings, then no dramas with stuck thermostats, simple
Blanking plates are not recomended for road cars tho, the thermostat is a cooling regulator, so as to help keep the engine running at a certain temp througout a whole range of differing circumstances, & not just at full noise at a race meeting, it needs to creat a consistant temp through road idling, cruising & fast hi-way use as well
if you have overheating issues, then find the problem/cause & don`t just try to cover up the symptom by throwing the thermostat away,,,that is of course as long as the thermostat is not the cause
hope that helps explain things & gives good background to the original intention for the blanking plate idea