With the bypass blanked off, as I've done in so many cars now, and no other means of flow to the T'stat when closed (other than the heater), warm coolant does still reach the T'stat to open it, most by convection, but even with the T'stat closed, the pump does a bit of stiring things up too.
Each to their own, but as I've mentioned previously, I've had no issues from blanking it completely, only good.