I can tell you that on my '72 K5, I just put a valve on that port to shut off the flow to the heater, and I forgot to drill small bleed holes in the thermostat. I have to pull it back apart as there isn't enough water movement under the thermostat to give a decent response to engine temp. So I would recommend to plug that port and drill 2 holes in the outer flange of the thermostat. Use a bit no larger than 1/8 of an inch, or it will take a long time to get to full temperature. If you have one, maybe try 1/16 " or one larger.
Or , yes run it back to the water pump. ...