If you want the car to run cooler get a better radiator. The radiator is the primary factor in determining how much heat the system can get rid of. If you have a good enough radiator, the thermostat can (as you want it to) actually close from time to time.
The thermostat's job is to keep the car at proper operating temperature. Unless you have a really good reason to change that operating temperature, it's best to leave it where it's designed for.
It is true that water holds more heat than glycol, and therefore can act as a more effective coolant, but you want to be really sure that the water is distilled, and that you don't leave it in there for long, since it will pick up oxygen (And we all know what water + oxygen + iron means, right?) The water wetter is supposed to have the anti-corrosion compounds in it, but those are of somewhat limited effectiveness. Also, expect a shorter lifespan for your water pump, since the pump is primarily lubricated by the glycol in the regular coolant, and it WILL wear faster. Most of the people that I know who use water wetter will still run glycol in the cooling system, but at most 75/25 to the water side.