The Robertshaw style thermostat is pressure balanced to allow more steady coolant temperatures.
They are all but mandatory with a high flow water pump.
A high flow pump with a conventional thermostat can cause large swings in coolant temperature.
The higher flow holds the t-stat closed until a much higher coolant temp finally forces the t-stat open.
The coolant bypass is good during warm up to allow coolant circulation before the thermostat opens.
The problem with most bypasses is they remain open after the thermostat opens short-circuiting the cooling system.
If you do not have a heater control valve that shuts off the flow of water to the heater core the bypass isn't needed as the heater core effectively becomes the bypass.
For race applications or high output street applications I recommend this style of thermostat.
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They are just a Robertshaw thermostat with 3 3/16" (4mm) bypass holes. This allows enough flow to be an effective bypass but without the short circuiting of a traditional bypass.
My 94 Suburban diesel's GM thermostat is just a Robertshaw with a push on bypass. You may find that the bypass can be removed and moved over to the new thermostat so you can have your cake and eat it too!
Meziere a manufacturer of racing electric water pumps (In my opinion the best ones) recommends drilling 3 holes just like Stewart has in their t-stats.
A trick I learned a long time ago is to drill a 1/16" hole (A smaller hole will get clogged and a larger hole can slow warm up significantly) in the non-moving part of a thermostat to purge the air out of a cooling system very quickly. You don't even have to wait for the t-stat to open.
Too much coolant vs. water can cause overheating. A good rule of thumb for mixing coolant is 0 degrees F on a temp tester or 10 degrees lower than the vehicle will ever see. Even if you are someplace that NEVER freezes having some antifreeze will prevent corrosion and lubricate the water pump seals.
Bottom line as long as your coolant temp stays within 5 degrees + or - of the thermostat opening point you're just fine.
Close the hood and go get ice cream!