I dont know about all cars, but all my fords you cant 'bypass' the radiator. The top rad hose routes from the top of the block straight into the rad. At the block where the hose clamps in is the thermo stat. Theres no other hoses for it to bypass the radiator, but like alot of people have said it will flow through the rad too fast and not allow the fluid to cool. Plus if it flows through the block too fast it will not draw enough of the heat out of the block.
As far as Im concerned its not an epa part. Ford didnt put the t-stat in there to satisfy emissions, and its not a compromise piece that you can do without, like the egr is. Ill keep my thermostats where they belong.
Now I will say this, there is a t-stat made that when it goes bad it blows in the open position, unlike factory t-stats that blow in the closed position. This will definitely save your motor in a bind.