I think the answer depends on how the heater hoses are or can be run on the BBC, which I am not intimately familiar with.
If you can run the "hot" side of the heater core from the intake (or head) then out to the radiator or water pump, you have a bypass. This would be no different than the Vortec setups that claim you need the specific bypass (again, not if you run the heater as I've described) and no different than the small block as originally setup, GM just used the heater core outlet as the bypass.
The bypass is nothing but a leak from the engine, to the side of the cooling system "past" the thermostat.
Edit: Also, if there is a flow shutoff valve in the heater core lines (which GM used early on in cars, and probably later in trucks) then obviously it's not usable as a bypass.