On many industrial and agricultural diesel engines, and some gas engines, there is a pyrometer which reads exhaust temperature. There is a very high correlation between the pyrometer reading and how much power your engine is producing. Some pyrometers are calibrated to read horsepower directly.
If a coolant system is working properly, coolant temperature should mirror the exhaust temperature, except lower and with a lag.
Also, if you have a cooling system that is sized large enough, you should be able to tell when your thermostat opens by observing the (analog) temp. guage.
The coolant in your rad should ALWAYS be cooler than the coolant in your block and heads. Without a fan and shroud, you cannot be confident this situation will always exist.
Also, there are lots of variations in rad core/fin design. Some rads present a very high pressure drop at any significant airflow rate. This is particularly true if the core columns are staggered instead of "lined up". These need a fan/shroud combo that can still "pull" air at higher static pressures, instead of stalling.
Other cores are quite open. Check out the core design on a Cat someday.