i think the reasoning behind the trans fluid going through the radiator is not so much to cool the trans, but more so to regulate it... liquid to liquid cooling is much more effective, but if the radiator is keeping fluid around 180-200 depending on outside ambient temps and driving conditions -load on motor, rpms ect, then its to regulate the ATF temps in the same range... but in doing so you run the risk of the pink milkshake.
i personally think the pink milkshake comes from overheating the trans fluid too many times, and seeing such a large fluctuation in temps that it weakens the seperating compartments and causes premature break-down. -only my thoughts and i have no scientific evidence to back this up.
for those of use who are trying to regulate temps via external trans coolers or stand alone systems yes i do agree that a single cooler by itself is insufficient if towing or other wise putting heavier than normal loads on things. the the guys running bigger tires with stock gears, bumpers, sliders, skid plates(armor basically) and other things like a winch ect... i think dual coolers is probably more along the lines of necessity.
i for one have dual coolers, one with an electric fan on a termo swtich, it comes on at 180* and shuts off at 160* -it has an inline temp sending unit that automatically turns on/off the fan as needed, i can over ride this and cut out the ground to kill the fan for what ever reason i see fit, say a water crossing. i also have a temp guage, that reads the hottest temps, right out of the trans, before any coolers or anything. and now with the dual coolers, i rarely see temps over 210. i can still see temps in the 200+ range, but only on long climbs or on hot days in stop and go traffic, or out wheeling, where great loads are being placed on the trans and very slow speeds are the name of the game. even in the snow at below freezing temps, i have seen temps in the 240 range, but now with my thermo switch im sure that will be a thing of the past as i can now get air flow over the cooler even when standing still.
look through my build thread for pics of my set up
http://www.toyota-4runner.org/3rd-gen-t4rs/105400-rescue-runner-build-thread.html
feel free to ask any questions
-sorry i was being sarcastic in my earilier posts, yes this topic has come up numerous times and beaten to death, but it never fails, give it 6,7,8.... months and it comes back around again and all the new guys get to hear us old dogs bittch about it some more lol.