Quote skipmarcy: To clarify why an engine would actually overheat with a thermostat removed - at higher operating RPMs the water pump is circulating the coolant too fast for proper heat transfer, first the heat from the engine to the coolant, then the heat from the coolant to the radiator cores, it's not staying there long enough for the heat transfer to occur.
I would search for another explanation to this phenomenon that is sometimes observed because, increased flow causes turbulence which, like stirring, transfers heat better. What is probably happening, where worse overheating is observed w/o the tstat, is boiling of the coolant in the pump suction line. This will happen if the radiator cannot pass the increased flow freely. Bubbles in the coolant are definitely a problem. Another possible contributing detriment in some cases is collapse of an unreinforced suction hose.
larry