ok so im running dual coolers one is the B&M 70264(the larger of the two B&Ms) the other is a perma-cool & has a 10" electric fan. i see temps on normal day to day driving of about 150-180 (thats with two big 7" off road lights on my bumper and a winch control pack "blocking" the air flow. both of my coolers are sucked up tight to the AC condenser and attached via zip-ties all the way through the rad. see my build for details on this-
http://www.toyota-4runner.org/3rd-gen-t4rs/105400-rescue-runner-build-thread.html , anyhow i would not run a single cooler smaller than the 70264, as i had serious over heating issues with that cooler, both in traffic and on hills, there were several times i saw temps over 250, even in the snow at below freezing temps. the second cooler has helped a lot. i am also running my temp sending unit before the coolers so im reading the highest possible temps, as it comes out of the tranny.
there are some draw backs to bypassing the radiator. air to liquid cooling does not work as well as liquid to liquid cooler. so if you ran your factory trans cooler along with the external cooler you would see more stable temps, but they would be higher -roughly the same temps as the coolant (around 180-190 constantly). and you would still run the risk of the pink milkshake. for that reason alone i bypassed all together. also i am running over sized e rated tires(heavier and requires more effort to turn and keep turning), full skids(add more weight and dont allow for the aid of airflow over and around the trans to help cool), sliders (more weight), and a bumper with winch(again more weight and blocks restricts airflow moderately). i have seen temps once sense i did the second cooler spike over the 285(where our trans temp idiot light is triggered to come on), and i just stopped and opened my hood up and let the motor run, and waited for it to cool down, but this was low speed crawling in the heat of the day in direct sun with big loads on the trans and basically no airflow what so ever -again crawling. one other time i saw temps over 250, but that was after climbing a long hill(gained over 3800' in elevation in less than an hour with the last part of that on old forest service roads at speeds under 20mph... is soon as i cool i found a snow patch and ran my truck up into it to help cool -skid plates prevented that from doing much good, so i opted to go drive it into the lake to cool things off, this worked much better and within 2min i was down to around a temp of 120. but again this was in the dead of summer in northern california around chico/paradise/lake almanor. it was ever bit of 95 out, and i was loaded down with a weeks worth of camping gear and food, spare parts and tools for wheeling -i tipped the scales at 5600lbs so i was giving my trans a good workout even with those dual coolers.
i personally think that anyone running a single cooler even in a temperate climate should not use anything less than the larger 70264 cooler. if you do, you are asking for troubles as temps can easily rise fast. -temps will rise faster than they will fall, and the hotter the temps get the easier it is for them to continue to heat up think of it as a teeter-todder, say 150 is center, the further you go out from the center the faster the end will dip, same with the heat, the higher you go with your temps the faster they will be able to rise. -it might take 10min to go from 150-180, but that 180-210 might only take 4min... -this is given that you keep the same driving style and same loads on the vehicle constant.