Andy,
I would think a "heater bypass" will not solve your problem. I had a problem with a radiator on my Maita that was somewhat clogged in a couple of tubes, would overheat in 90 degree days in traffic. If I turned my heater on full, the water would circulate thru the heater core and would lower the temp reading because the water was being cooled also by heater core. As you can understand I replaced my radiator before summer's end. Anyway, I would think there is no advantage to bypassing. The water still has to be cooled.
Robert Hyatt
Williamsburg, VA.
1970 280SL, Red on Silver,4-speed, Euro spec, 1999 C230 Kompresser Sport, Black on Black, 1990 Miata, Black on Red, 5 Speed