The heater hoses already recirculate the water just like you want it to. Out the top of the heat to the heater core and back to the water pump inlet. This lets the cab heat up as fast as the engine does.
It sounds like your thermostat was just bad, it should be opening a little before 180 and fully open by 180. When I see one stick like yours does, I just replace them. A 180 should never spike at 195, it may climb up there over time on a hot day, but never on a start up.
Just go down to the parts store and buy a replacement. As double check, put the old one and new one in a pan of water and watch them as the water is heated up. If possible, hang them from a rod across the pan so they do not touch the bottom of the pan, let only water touch them.
The small, drilled hole is only for letting air out of the head when filling it full of coolant. There is not enough water circulating through the hole to make any difference in the cooling of the engine. The hole should be 1/8" or less in diameter.
