
PUT IT BACK IN!!!
All that's going to do is overheat you. You need a restriction to allow the system to pickup and drop off the heat. Even racers run restriction washers in place of a thermostat. Don't fall for this old myth of removing a thermostat and making the problem worse!
While you have the t stat housing open go ahead and remove the belts. Fire the engine up and see what side the bubbles come from. Don't overheat it, but, you should see the bubbles in under 2-3 min. Then you know what head(s) have to come off as the bubbles are a combustion leak.
The combustion leak is what is overheating you - the system air locks or runs low on coolant as it gets blown out of the overflow.
Checking the cooling system for plugged radiators (external like behind the oil cooler) old fan clutches and bad water pump is also in order after the combustion leak, if any, is fixed.