just finished mine tonight (as well as a host of other things) and to clear up some of the issues here. the reason for the TB heater is to help pass smog, as your fuel vapors and valve cover breather routes right back into the intake PRIOR to the TB, which will ultimately help the evaporation and atomisation of the vapors.
ALSO, dont worry about capping the hole on the side of the block, as the M44 doesnt have this. It has another one of those plastic pipes on the back of the cylinder head, and im fairly certain that the M44 and M42 share the same coolant passages on the block/cylinder head. And also the M44 did not have the TB heater plate, so it is perfectly safe to assume that the reason for that is for the TB heater plate.
Also, you could make the point that re-routing that hole in the side of the block actually hurts you, as you would be diverting coolant away from the back of the cylinder head. But, of course the water pump is perfectly strong enough to get it flowing all the way to the back, so this might not be the case. BUT, rest assured that by re-routing it your are most definitely NOT helping the engine in any way.
The TB heater plate does NOT help in warming the car up. the coolant passing through it is cold, and only heats up as the engine already is.
The TB heater plate does NOT help in removing ice on the TB. same issue, are you getting ice before you start the car, or is it happening once the car is already fully warmed up?