Put it in as Jim suggests. On the smaller motor, the 113, built in the same block as yours, they used a thermosiphon system, where the natural convection of the water heating and rising as it passed through the block and head and cooling and falling as it passed through the radiator was sufficient, no pump, no thermostat. A thermostat would actually have been too much of an obstruction to the convection flow for it to work efficiently.
Now move up to your 123. It was marginally larger in displacement but also ran about 20% faster, so they added a pump to aid circulation and a thermostat to regulate it.
Either motor is slow to warm up in the first place. To circulate the coolant constantly without holding it in the block to heat up, yuo'd never get the motor warmed up, leading to all the kinds of problems Jim mentioned.
Think of your typical automotive engine with a water pump. If the thermostat fails it typically manifests in one of two ways. Stuck closed, it overheats. Stuck open, it never warms up, a condition usually detected my those not in the know (or who don't have a thermometer on the dash) when they notice that they're not getting much heat out of their defroster. The latter is what you'll have running with no thermostat.
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