No thermostat is a bad idea.
Your gas milage will suffer and incresed engine surface wear will result, especialy in the cylinders. Engine tollerances are designed for a hot (running engine), not a cold or warm state.
As I recall, the PCM runs on diferent fuel tables durring warm up and does not allow OD or the TCC to engage untll the temp is up. You would be running on these all the time since it would never really warm up.
Aditionaly, the crank case will mostlikely never really get very hot and you will accumulate water vapor... It will condense and mix with the motor oil rather than being held in a vapor state and be vacuumed off by the PVC valve. (milky looking oil sludge)
In other words... don't do it.