I know there are quite a few people who don't like them, but here's my un-experienced opinion;
1.Nothing else can regulate the temperature, like a thermostat.
2.Running at an even temperature is very important to the life of the engine.
3.When people say modern thermostats dont allow enough flow, Are they considering the fact that a flathead is essentially two little four cylinder motors, and each thermostat services only one side of the engine. The water from each side can only mix in the radiator.
4.Without the thermostats, your engine is likely to run too cold.
5. The hotter you can run your engine without boiling it, the more efficient your engine is.
6. If all things are done as per recognized practice, your engine will run fine with them in.
And yes, I know these are "hot" engines, because the exhaust gases run through the block.
If the answers are honestly sought, then I would suggest that the majority cause of overheating faults would lead back to lack of cleanliness in the cooling system (scale) and combustion gases leaking into the cooling system.
Suggestion to Old Henry: Put those 180's in,and you'll do less harm, than you are now.