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That was the question I had. Does the TB really run cooler, or would the heat from the engine actually make it run hotter?
So I ran a test the other day on a '90 without the bypass and a 91 with the bypass. Ambient temp in Fremont, CA was around 80 degrees. Using an infrared thermometer, I measured the TB temps: 110 on the 90, 100 on the 91. The temp at the upper radiator hose was 192 on both cars.
So it does indeed run a little cooler. Highly unlikely you will notice a difference in power, though.