As you probably know the transmission cooler internal to the radiator fails causing the pink milkshake. The other alternative to bypassing the radiator cooler is to just replace the radiator itself. Most people find replacing the radiator every 10 years/100k miles to be sufficient. If you don't need the extra transmission cooling capacity then radiator replacement is easier.My rack was also leaking at the steering column input seal but I used a little bit of atp-205 and it stopped the leak. I didn't feel like replacing it after replacing the inner tie rods and power steering lines.
I plan on doing the oil cooler to prevent that pink milkshake problem. I'm sorta skeptical about this issue though. I think it probably happens because of improper maint.