Malc, the reason that the coolant bypass is there is to stop any frosting that may occur to the throttle blades in verrry cold climates. Is there any realized horsepower gains? No. But in theory, cooler air in equals more hp out. I don't think anyone ever quantified the difference in "before" vs. "after". I'd guess that it's worth .03224542 hp.
I did this job before on my LT1. I was only wondering about a B2K / L98 because I haven't heard of anyone doing it on these engines so I wondered if there was a reason why not.
It's got to be the easiest job in the world. Quite why the guy in the thread you sent devoted so many words and made it sound so involved I don't know.
Hate to see what he'd write up for an engine rebuild!
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