Mike,
Depending on which intake you have, you may be able to find another port to the water jacket that is not in use....
If you are using the stock cast iron intake, choices could be limited.... But, yes, to your question about removing the water temp sender, that would work! Just more awkward. Probably only needed when first filling the system after big maintenance operations.
Drilling the hole in the t-stat would make it less necessary and the system would self bleed in a sense. Water would push air up and displace air thru the hole while it sits.....
The hole can go in the flange section of the t-stat, but away from the gasket area just enough to not be covered by the gasket. Then install with the hole at roughly the 12:00 position for best operation.
The newest t-stats by Ford or build for Ford actually have a small one way pintle valve to do this operation! However, the hole is so small that any water passed thru when the t-stat is closed that it's not an issue..... The engine will warm up much more quickly than without the t-stat!
Cheers!!!
Steve