Rudy,
This is commonly done for your described purpose and to eliminate hot air inside of the car due to a failed water temp valve. There is no negative affect on engine cooling, save loosing the small radiator effect of the heater and that's only when it's being operated. 
Les
66 GTO Coupe,455/trips,700r/2500stall,12bolt/3.08,1.79/13.01/104.5
68GP daily driver under restoration
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Better lucky than good
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Les Iden
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'65 Buick Sport Wagon Custom, 340, T350, 3:23
'66 GTO Post/468, 700R4, 3.31 (Mike's as of 9-16)
'68 Grand Prix/455, dual AFBs, T400, 2:93 posi (sold)
'72 TA tribute/461, T400, 3.08, (Russ's as of 9-16)
'97 Mitsubishi Eclipse Spyder Turbo, Konis, 5 speed
'09 Torrent GXP, nav, Sun & Sound pkg., Bilsteins
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