I can't see any problem with it. The reason it's there is to allow the engine to warm up quickly by reducing cooling until the engine reaches a good temperature. I can't see why you would want to remove it but if you did then you'd need to wait alot longer for the bike to warm up ( until the radiator is warm) before riding it or atleast riding it to its full potential or you're going to damage the engine via a cold sieze.
That means the internal parts of the engine expanding ( caused by the heat) at different rates. Until they have all expanded to their full sizes ( at operating temperature) then you don't want to add too much heat ( by using high rpm) or the varying levels of expansion will "collide" and you end up with a cold seize.
as you know from the thread i am running without a thermostat, i have found one annoying issue,
when in heavy -ish rain while riding at 60-70mph the "spray" off the road seams to rapidly cool the exhaust side resulting in the engine temperature dropping to half way through the first section on the Dial.
The engine reacts in performance terms as if it was just started cold.
