Quite a complex / can of worms subject this

Thermostats are really there on a road motor to assist in warm up times and help maintain temp
Often they do more harm than good, and on a V8 there are a selection of settings of thermostats you can buy
A good cooling system should be designed to actually "Overcool" the engine then a plate fitted to set and maintain at a predeterminaed limit - done via the size of the hole in the plate. Removing the thermostat completely is a seriously bad idea, apart from the effect on the cooling system it also affects the water flow which has other issues.
Many racing V8s have restrictor plates, yes the engine takes longer to warm up (esp on a really cold day) and should be born in mind to allow it to warm before driving off hard

but the thermostats if they jam can see temp and core temp rise hugely and quickly, often damaging engines serverley, even new genuine thermostats have been known to cause issues....
The hole in the restrictor plate is reallyu dependant on many outside infulences, the engine itself, the cooling avaikable radaitor fans cowling all make a difference, a plate with the correct hole for the a specific 4x4 will not be the same in another, they are in effect tailored. You can buy a range of after market ones but best do the "3 Bears engineering" and work out what you need for yours, you can compensate within the 4x4 and get cooling that was previously a nightmare under control.
Lastly heat build up isn't a strasight line, there is a curve, when the heat buildf up in the system reaches a certain point the increase can almost become vertical, and you'll never get back on top of it unless you back off and pray, switching engines off at this pouint see the cooling system shutdown and the core temp goes through the roof

. the trick is to map your cooling and ensure you pick a point where the cooling is well under control and has a saftey factor built it where it can still cope with more without "Losing it" . Some V8 racer aim for cooling between 65-85, kniowing that when they are screaming the engine 85 is top whack, but means its a tad cold at 65 for WOT. For racers again the temp is crucial for MAX BHP, as too hot see BHP lost, not key here but part of the "Why". V8s need to be run at a minimum of 80degrees part engine and on some partly due to fuel enrichment kicking in when you don't want it
Restrictor plates also help bleed the system super quickly, a 78 74 therm will normally get around 80 degrees V8 temp, a plate will with effort get you exactly what you wnat, and you have to also ensure the antifreeze levels are constant between tests as the mix can effect heat levels too. I have seen Aluminium ones but they tend to wear the holes bigger over time amazingly quickly, most I have seen thast you can buy (and mine) is just cleaned up steel plate
HTH
Nige