Yes, I'm pretty sure it helps even at slower speeds. The reason why I say so is I've tested it climbing mountain roads and I'm nowhere close to the transmission shifting into the overdrive gear and I've seen my trans temps drop as soon as I switched off overdrive. When I know I'm going to be climbing a grade, it's a fairly sustained climb (not a short hill), and I'm not exceeding 65mph, I'll turn my OD off.
I could be talking out of my ass here in regards to the slower speeds because I could be remembering incorrectly and I was driving at the speed where the transmission was in between 3rd gear and overdrive and turning off overdrive kept the transmission from constantly downshifting and up shifting back and forth from 3rd and 4th(overdrive) gears.
Just try it out and see what I'm talking about. Btw, I didn't discover this trick. I read it on the this forum sometime in the past and it was explained that turning overdrive off locks up the torque converter. I'm not a automatic transmission expert so I took their word for it.
I think in the very near future, I'll take a drive up a mountain road in the Santa Cruz mountains and video the temp change as soon as I switch off the overdrive.
I feel you. Whenever I'm going up a mountain hill, I turn O/D off.
I think the auto tranny and the TC lock at a certain RPM/speed range even when O/D is on.