I've seen thermostats with vents (the aforementioned Robertshaw units, with a single, tiny vent hole. It doesn't take an eighth-inch hole to vent air during coolant-fill. I've seen thermostats with "jiggle valves" that vent until the water pump pressure closes the jiggle valve entirely.
I've never seen a thermostat with enormous 1/8" or larger open "vent" holes as engineered. If you've seen something like that, post a picture, part number, and the application. So far as I know, this whole "1/8" hole(s) in the thermostat flange" thing is a shade-tree attempt to "fix" something that isn't wrong to begin with--or--it's compensation for an improper coolant fill procedure--or--it's because there's a fault in the cooling system and someone is modifying the thermostat to "cure" something else.
True enough, if you defeat the OEM bypass, and you aren't able to use the heater core coolant path as a bypass, the thermostat will need a hole or two popped into it. (but why defeat the bypass system?)