I'm not sure whether you're talking about a manual bypass or automatic bypass, but the service manual makes no mention of any bypass. There is a spring-loaded backflow valve that allows the engine to communicate with the overflow reservoir when the thermostat is closed.
Having said that, while reading the service manual section on the thermostat I learned a couple interesting things.
First, the manual says not to use the block heater with ambient temperature above 40°F. I've always wondered where I came up with the idea of plugging in below 40°F - now I know.
Second, apparently if you run the vehicle with no thermostat the engine can overheat because it puts the system in radiator bypass mode. I find that very interesting - does anyone know how it works? I would've expected that without any thermostat the coolant would circulate unimpeded through the radiator and block.
Ryan