[Rick Parker]

The freeze plug idea was suggested locally. With the fuel log in place one of the small 5/8 hose nipples on the water pump (early aluminum pump) has to be removed for it (the log) to fit. After a lot of deliberation and suggestions by Jac Mac (Thank you), I may try to put a connection between the surge tank and a fitting installed between the inline thermostat and the intake manifold. I belive this will achieve the bypass to allow for even temprature. OR just live without any thermostat entirely.

UPDATE:6/15/08...I initially eliminated the thermostat and ran without one, I had difficulty in getting the temp above 150 degrees except in slow traffic. Next I intalled a thermostat from some import car (180 degree) with 2 holes drilled in the perimeter. While under full throttle in 2nd gear the water pressure buildup, blew a hole in the upper hose, it too was slow to build temprature. Next I installed a thermostat like the one pictured above but with (4) 3/16 dia holes drilled in the outer face. Wouldn't get past an indicated 120 degrees while at road speed in 75 degree weather. I doubt that a blanking sleeve with a 5/8" diameter hole would yield any better results.
I think I will focus on creating a legitamate bypass system.