I agree with kirwin. IF the system has a bypass system that is closed (by the thermostat) in proportion to the opening of the main thermostat valve. Any engine that has this type of cooling system will overheat if you remove the thermostat because the coolant is not going to the radiator, but is recirculating through the block and head.
If it dose NOT have this type of system, it will run cold if the thermostat is removed. I don't remember which way the 12 valve systems are designed.
I have heard stories for the last 50 years about situations in which the engine
over heated when operated without a thermostat, but in 43 years of working on cars I have never encountered one myself, except for the systems that are designed as described above. I am not saying that it cannot happen, but I have not seen one. All my experience has been in the area Oklahoma City, where our temperatures are not as cold as the northern states or as hot as the desert states, our temps range from a minimum of -5 degrees in winter (which is rare) to 110 above in summer (also rare). Our normal range is 10 to 105 winter to summer lows and highs.
It is not good to run an engine of any type in a cold condition. As stated by one of the other respondents, it causes a host of problems that boil down to a very short engine life. In actual tests by Continental Engines, the life of the engine was shortened to 10% of the normal life, when operated at 40 degrees F. Cylinder wear was . 001" per 1000 miles.
In short, it would be best not to operate the engine unless you must. Hope all these inputs help.