Cool oil may not boil off condensation & combustion byproducts (depending on the type of use & ambient temps etc). I regularly see oil that is white with water condensation (not SBC's) because the engines are being run too cool. I've fitted a 180stat in my Vette which is the best compromise between engine longevity & power (cooler engine=cooler intake=higher density=more power). Even with a 180 stat I was regularly getting over 200 degs, sometimes over 220.
For the tranny question, I had a th350C with locking converter & it was great. Then the locking converter stopped locking & I was turning 3000rpms at 70mph, which isn't fun with most modern traffic cruising at between 80 & 90mph. Cruising at 85/90mph for about 50 miles caused the coolant temp to stay above 220 all the time. So I went to Bowtie Overdrives & got one of their Level 2 TH200-4r trannys. Fitting it was easy (if only it hadn't snowballed into cleaning/painting/refreshing the entire underside of the car!). I've now got an overdrive gear with locking converter (2200rpm stall) & I love it. It's brilliant, best mod I ever did to any car. Ever. The car is a joy to drive at 80/90mph, it's gone from being a 20 year old car to a modern feeling car capable of cruising at modern highway speeds in comfort. Brilliant! With 2.87 rear gears its doing 75mph at 2000rpms. The 1st & 2nd ratios are lower than the th350 which makes for more stop light fun
I cannot rate fitting an OD tranny highly enough. It doesn't cost the earth either, it probably cost me about the same as a pair of decent heads (eg AFR). An added bonus is that fuel economy is now better than my daily driver (which is a 2800cc V6) & I'm regularly seeing economy figures in the high 20's when cruising. With fuel prices here being so high, this tranny will pay for itself at some point. For best effect I should be running 3.55 rear gears with the tranny as the OD gear with 2.87 rear is a bit tall for decent acceleration (I just knock it into 3 if I'm "in a hurry"
).
So, back to hot running. An auto tranny should have it's fluid at around 150deg in the pan. I fitted a tranny fluid temp guage with my 200-4r & it's surprising how high the temp gets at times. With a locked converter it's fine. Running around town in lower gears really heats it up. I then fitted a tranny cooler (a small B&M one) in the line coming out of the tranny & just before the rad. So tranny fluid goes through the cooler before going into the main rad, ensuring that when the engine is started from cold the tranny fluid isn't overcooled & actually gets warmed by the engine coolant. The big surprise for me was that the engine coolant temps plummeted after fitting the tranny cooler. Most of the time it sits bang on 180 & I only managed to get it to increase to 190 briefly by some "spirited" driving on a day of record breaking temperatures. I think what was happening was that very hot trans fluid was getting pumped into the main rad & was preventing the coolant from being cooled enough.
So, rather than spending lots of cash on new fans, aluminum rads, etc, etc, try fitting a tranny cooler for about $40. It sorted out mine OK