Aloha Karl,
I used an old tubeless tire valve stem as a restricter. I removed the air valve and then sawed off about 1/2 inch back from the threaded end with a hack saw. There may still be a short piece of brass tube in rubber body, if so remove it with needle nose pliers. The remaining rubber valve stem has about a 1/8 to 3/16 inch bore and is then inserted in the by pass connection of the water pump. This should need to be pressed in with a little force. The fat end is slightly larger in diameter than the ID of the bypass hose.
I'm not sure how much this helps with engine cooling, but it won't hurt it either. Although I have an electric cooling fan mounted with a thermostatic switch (140 deg F at water pump inlet) and a manual over ride switch I have not had to use it yet. The thermostatic switch has never turned on the fan.
IMO, keeping the cooling system clean and free of sludge/rust sediment build up, water pump operating, radiator shroud in place and lots and lots of air moving through the radiator the stock set up will work fine. It has for me in Hawaii where the coolest temperature my car feels is in the low 60 deg F.
Open the engine block drain petcock and if there only a dribble of coolant it is most likely partially block with sediment. Remove the pet cock and poke around with a stiff rod (ice pick or Phillips head screw driver), this should disturb the sediment enough to flow out. Flush the block with water until it runs freely and clear. The internal bits inside the pet cock are the cast iron block and cylinder sleeves so don't be afraid to vigorously poke around.
The stock fan seems to be the weak link in the cooling system because it just doesn't move a lot of air at low engine RPM. I would wager that if you could alway keep the car moving at least 25 MPH, you could remove the fan and never have the engine over heat.