The problem with the way you described it is you would be expecting the hot coolant to do something it never does by itself, ie flow downwards. The cooling system is a thermal syphon assisted by the water pump which sucks from the bottom of the rad. The coolant that goes out the bottom of the rad and into the pump is therefore cold coolant that has sank to the bottom of the rad after being cooled by the air passing through it. Hot coolant will never, by itself, flow downwards. I think what happens is that some of the coolant that flows back from the heater core is sucked up through the oil cooler and into the main hot coolant return line that follows the thermal syphon into the rad and then downwards as it cools towards the water pump which assists the flow. To have hot coolant flow down the blocked bypass and into the oil cooler would mean that the hot coolant is flowing downwards (which it never does) and against the prevailing flow of hot coolant, which is upwards, into the main return line, into the rad, and then down into the water pump as it cools. The prevailing hot coolant flow direction, when the thermostat is open, is up, through the engine as it warms up, catching heat as it rises to the top in the cylinder head, out the main return line, and into the top of the rad (and it would smoke away as steam if there was a hole anywhere, because that is where it wants to go, straight up). There would never be a tendency for the hot coolant to flow downwards as it heats up. The only reason the hot coolant flows downwards is because it is cooled rapidly when it enters the rad, and the cooled coolant is pushed down (and sinks all by itself also) by fresh hot coolant continuously entering the rad from the engine. That is why the design of the oil cooler is so ingenious. Whoever thought of it saw the big picture and realized that hot coolant would never flow downwards and any cool coolant that reached the oil cooler would necessarily, as it went through the oil cooler and became hot, rise upwards towards the main return line to the radiator.
Now when the thermostat is closed you have the same effect. The only difference is the hot coolant coming out of the top of the cylinder head is forced back down through the bypass into the bottom of the engine (If the thermostat ever failed to open, what eventually would happen would be that the top hose to the rad would burst, and the coolant would all flow out that hose, mainly as steam, which would rise straight up, like it always does. None of it would flow downwards. The oil cooler would probably be quite cold, while the hot coolant gushed out of the burst top hose). But as hot coolant, it again doesn't want to go down, it wants to rise. So it takes the path of least resistance, through the oil cooler, and then is again forced down into the water pump which recirculates it through the engine. The whole system is designed around the assumption that hot coolant will not go down willingly. It always wants to rise.
Chris