Find My Iphone, principle of operation question

2 days ago ive lost my iphone 5s, it could be stolen probably. Ive reported it to my carrier and police yesterday as stolen.

I got a find my iphone enabled, but when im login on icloud there is no informations (offline) i hope someone will start a phone and... there is my question:

If guy who stole/ found, my iphone will try to connect to itunes and try Restore a iphone, do find my iphone show me a localization of the phone? Im a little scared because i found a way to disable activation called icloud Bypass. If it possible i will not find my phone even in thousand years ;( but if my iphone send me a localization during this (bypass process) or even if someone will try (restore process by itunes) i will find a thief. Does anybody know anything about that Find my iphone functionality? Please help i hope i will find iphone or those f***er who still my phone...