Thanks to Frits for (re)posting the link to FOS Tips and concepts
While looking through this great resource I came across this pic.
It reminded me that back in the 1990's there was an Aussie Automotive Engineer (John Bennett) that did a lot of research on improving the efficiency of older engines, particularly V8's.
One issue he found was dramatically fluctuating coolant temperatures. He determined this was due to the conventional placement of the thermostat on the inlet side of the radiator.
When coolant temperature was sufficient to open the thermostat the entire engine was then flushed with cold coolant from the radiator. This produced variable (mostly poor) combustion.
His solution was to place the thermostat at the bottom of the system where (when required) relatively small quantities of radiator output was blended with the bypass flow to control the input temp and create a more constant engine operating temperature.
He marketed machined alloy components for the bypass and thermostat housing (Eco-Therm?) They were well regarded but probably far too easily copied.
If some 'Bucketeer' wanted to experiment, he/she would have no trouble producing a workable solution
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