In terms of fluid resistance having no thermostat is not much different to a thermostat in place and fully open, especially when considering the resistance along the entire fluid path of the block, hoses and radiator which is what largely determines the flow rate for a given pump speed.
The actual flow rate of water through the block is determined by engine/water pump speed and not thermostat position, the job of the thermostat is to essentially bypass the radiator when cold and progressively direct more water through the radiator and less through the bypass pipe as it heats up.
The removal of the thermostat (or it being fully open) won't cause any hot spots in the block, it just makes the cooling system remove heat as fast as it can, this means a cooler engine at all times and although less than ideal in the winter it really helps when working it hard in the summer.
In most places this isn't a good option but in Brisbane the winter is warm enough for the engine to run at about 70C and the summer is hot enough for it to run at about 90C. On an engine prone to overheating and self destruction this is a good thing.

