JNuts,
Thermostats are for raising the motor to temp quickly, so your heater works before you travel too far and to eliminate condensation. Some have them at Bonneville, some do not. That is a little like what oil works best, I suspect you will hear several sides to this question, here is ours
We have always used a water tank, sometimes with a radiator, never with a thermostat. We start every run with the water, oil and block 110 to 115 degrees F. Tank holds about 5 gallons, when we warm the motor, about 8-10 cars back, we run until the oil or water hits 115. There are several things designed into your motor that benefit from cooler oil. Water temp after a run in the 200 ish range, we use a 10 lb cap.
Yes the water has been hotter than 220 a time or two, when doing laps, but we change water for cooler, then cycle it a little to leach heat from the motor on those. We use Top 1 Synthetic Oil.
If you want your motor to run at 200 degrees for miles 1-5, run a thermostat, and carry enough water or a radiator capable of keeping it there.