I'm pretty certain that there are no air locks, as very little expansion of coolant level while running. However, I've got to drain it all again soon to upgrade the thermostat to a PRT, also to fit stainless pipes on the underside which are badly corroded. Stupidly designed system, no block drain, thermo is on the inlet side instead of the outlet, thus allowing regular thermal shocks to the engine, and encouraging HGF's:y
Yep, that arrangement works fine in a shopping cart where there is a small radiator and very little coolant plumbing but when you have gallons of stone cold water sitting in the system, as you say, every time the thermostat opens it shock cools the engine until the thermostat closes, whereby the engine then heats up again, and the cycle repeats. Eventually it'll reach a stable operating point but not ideal with an engine that's prone to HGFs anyway.
IIRC there is a modification that relocates the thermostat to the "top" hose, popular with elise owners.