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No flow doesn't mean no pressure. Differential pressure is what creates flow. If the outlet end of a tube is capped (by the thermostat) the entire length of that section will be at the pressure of the inlet to that section. I don't think the thermostat is specifically designed as a pressure regulating devise, though I could be wrong. I think the "bypass", refers to bypassing the cooler and delivering the oil directly back to the tank. This shorter path will of course require less pressure for the same flow, so assuming the outlet pressure is the same the peak scavenge pressure will be lower during bypass operation.
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