Presumably the bypass circulation through the heater matrix provides enough cooling to prevent the stat opening for quite a while, particularly if the engine's not pushed. Fitting a ball valve in the heater feed hose would be an interesting experiment. Reducing coolant flow rate through the engine would certainly raise its temperature to any figure you like. There is radiant heat loss from the block obviously and convection to the airflow, but I doubt under normal driving this alone would prevent an overheat. You'd have to throttle the valve to some setting determined by experience. It would obviously reduce early cabin heating even more, but you can't have everything.
As to why old thermostats run too cool, there has been a limited number of observations reported on this. Contrary to many people's expectation, they do not stick in the open position. All cool running stats were found to be shut on removal, indicating that they remain functional. If they were stuck shut, then overheating would be common, but it isn't. What seems to happen is the original 88C opening point progressively reduces. This isn't a mechanical failure, nor does the return spring weaken or fatigue. It's far more likely IMO that there is a change in the chemistry of the wax used in the capsule. Where no wax is lost or there is no mechanical weakness to explain the problem, the answer seems to be that they simply begine to open at a lower and lower temperature as they age. It will be interesting to see if new OEM stats exhibit the same characteristic. Engines fitted with new OEM stats are reported to run in the 88-90C area, as they are designed to. I guess time will tell on these.
TC