Update to this thread since there's a new T-bob unit out. The new T-bob version 3.0 is a little more readily integrated into your cooling system. I was able to ditch the stock thermostat housing completely. It's great.
I did a little different than Exploring/Carolina. first thing was I turned the barbed bypass fitting around. Purpose here was that I wanted to be able to put a wrench on my engine mount without having to take the line off. I found that with the fitting oriented like he had it, I had to take the bypass hose off completely to do that. So far, no issues with it.
Next, I ditched the stock housing. To do this cleanly, I had to do 2 things: get the temp sensor installed in the Tbob unit and get it to read so my temp gauge worked. Part one was easy. There's a plug in the T-bob unit that's the correct size and thread for your temp probe.
The second part took some thinking. I wasn't getting correct voltage because there was no continuity through the housing and therefore I was unable to ground the temp probe. I solved this by running a tap through one of the T-bob housing cap bolt holes to clear off some anodizing and get metal contact. Then I extended the housing ground lead on the wiring harness and used a 2-prong connector and slid it under the housing bolt. Works like a charm now.
Very pleased with my Thermobob setup. Bike comes right up to operating temp on the gauge in about a mile, choke has to be turned off as soon as I start moving, or else I get the telltale bog that says my choke is making my bike too rich. Temp needle sticks at 11:00 or so, only comes up when I'm at a stop light, regardless of how warm or cold it is outside. On that note, I have a new fan temp switch coming because my radiator fan doesn't come on, despite the fact that the whole system works right.
but that's a different post for a different thread. oh well.
Happy with my purchase!!