I agree, skip the valve. It was more of an emissions thing to get the engine up to temp faster. Over time the heat will creep in anyway regardless of the valve, so it was more of a time issue than actual peak heat.
I would (personally) skip the valve but leave the passage open. It might cost you 2 hp, but I've done a few bypasses in my life that I regretted. I had a 454 that I would much rather have lost the 2 hp than have to wait until it was fully hot before I could mash the pedal. That particular combo was a pain. Two days of carb tuning with an expert by my side and we couldn't make it not bog until it was fully warm. If I had left that crossover passage open, it would have been much less of an issue... and that was SoCal.