Let me explain a bit on how temperature control works.. maybe this will give you an idea of what is going on.
Temperature control (TC) uses what's called "non resistance" wire. That's not entirely true, since there is just a slight bit of resistance in the wire, but the resistance is extremely low. TC wire, when heated, will increase it's resistance as it gets hot. It does this in a very predictable manner. So, when you first put a TC coil in, you do it when the wire is at room temperature, then set a "base" for it to measure the increase/decrease in resistance... and temperature.
Variable Wattage uses a set wattage number, and will match the volts depending on what wattage/ohms your vaping device is set at. if the wire changes ohms, it might supply more/less volts to accommodate.
Now, SS is usually intended for Temperature Control. SS usually has a low resistance, but I believe it resists more than Nickel and Titanium. The only problem with Stainless Steel, is it's a mixture of metals. There are different mixes of iron/chromium/nickel depending on the grade. So, when you say "stainless Steel", you're referring to a wide variety of mixtures, with different properties. Most vape devices have settled on the 316L form of stainless, but I have heard of other grades being used.
So, does SS work in Bypass mode? Probably.. as long as the resistance is within the non temperature range. The problem with that, is the hotter the wire gets, the more volts the device will give. It will work for fairly short bursts.. but if you were chain vaping, I dunno how well it would work. I bet it gives a pretty warm vape. For me, I prefer Kanthal...I have some Nickel and Titanium in the mail as we speak... I bought too low of a gauge nickel wire to work in my mod unless I make a huge coil. (for my dual coil tanks, I would have to have two coils, 18 wraps each in a goblin mini (which is impossible)... to reach a .05 ohm setup.)
I hope that wasn't too technical, but my idea is to inform you so you can make an educated guess as to what's going on.
Not at all, believe me, I'm a sponge right now. I'll take everything I can learn. I think I want to try kanthal next but I'll have to order it online.