Long story short ~
Pratt & Miller (http://prattmiller.com/) and Dr. Jamie Meyer (head of GM Performance) both say that the rear two should stay blocked off.I used to advocate having fittings that went to -4an on all 4 steam vents feeding into a coolant swirl pot, which then drained back into the lower hose or return heater line... this is a setup that was used successfully by a few race teams, but it looks like this was a band-aid once I got 'real' information from REAL race teams.
The issue is not flow - the coolant passages flow plenty - it's
pressure. When driven hard, engines need coolant pressure to "scrape" the steam bubbles that form on hot spots in the head off the wall of the passage. With all 4 ports open, there's not enough pressure locally (in the head) to promote proper heat transfer unless you run your overall coolant pressure extremely high (30psi or so). Indy and F1 cars run MUCH higher than that, due to higher hp/liter (heat concentration).
The proper setup all my LSx racers are using is, assuming the top of your radiator is below the steam vent port:
*The rear vents blocked off, the front tee'd (LS6-style).
*Radiator cap replaced with "open" cap (free flow through radiator overflow port)
*Steam vent tee and radiator "overflow"/free flow feeding into coolant swirl pot (aka expansion tank)
*Swirl pot has pressurized radiator cap, bottom drains to non-thermostat-controlled water pump return
Conrad Grunewald's LS7, fully built by GM Performance/Brian Thompson (ignore Conrad's goofy smile, this was a 3am "we just got it running right" moment)
Matt Powers' LS7, same setup (just harder to see lol)