Steam radiators usually have hot in on top one side, cold out bottom the other (for condensate)
Water radiators usually have hot in bottom one side, cooler out top other side, thermosyphon works with the pump.***
In and out at the bottom is done because it makes the pipework "tidy", it is always the least efficient of all systems.
Yes, there will be some thermal circulation within the radiator, and at lower rates of heat input to the radiator it doesn't make a lot of odds, but as you start the ramp up the rates of heat input it gets more and more inefficient.
The solution to your problem is a simple one, turn the radiator 90 degrees, thermosyphon is a non constant flow pump, so this will work, if you have a forced flow coolant pump you're better off leaving it as is.
If you want to remove fittings such as these without destroying the radiator.
1/ grind off the stub flat and square with the rest of the plug.
2/ ACCURATELY centre punch and pilot drill the centre
3/ hole saw the absolute largest diameter you can and stay just inside the threads
4/ dremel cutting wheel make one slot in the remaining ring and pry out, small sharp chisels will do this.
5/ put new fitting in with red lead and oakum as thread sealant.
*** This is based on the assumption that the radiator does not dump more heat than the flow of hot water can supply.