Removing the thermostat will make it worse. You might not notice any difference on the gauge, but one of the functions of the thermostat is to help the waterpump build up a little pressure in the engine block. If you remove the thermostat the pressure will go away, then you will get small hot spots inn side the engine that will boil the coolant in these small spots, and worst case scenario is a cracked block.
The point of water wetter (red line) is that it cools the engine better than regular coolant, it also have additives that should hinder rust and such, so I would not change unless someone else have a good reason for it.
As CakeEater said, ducting, ducting, ducting

You need to get lots of air to the radiator, and you also need to get the hot air out of the engine bay, so a good vented hood is also important.