Morepower already stated he only took the guts out of his 190 and then put it back in. Thus, he does have restriction in the system that allows the water flow to be slowed down and get cooled in the radiator. We use restrictors all the time in radiator systems and they work fine.
Secondly, the system without a tstat doesn't let the water go anywhere it wants, like a post above suggested. If there is no tstat in then the water all circulates thru the engine and radiator. If there is a tstat in the system then when closed, the water just goes round and round in the engine and when warm enough it opens and the water then goes into the radiator.
What he is doing isn't a real good idea, but in the heat of summer and with his restriction(old 190 gutted) he more than likely isn't going to harm anything. He will find he has a problem when the weather turns cool again, but he has also stated that he's putting a working tstat back in before that time.
Hope this clears up some misconceptions.