The temp of the fluid out of the pump depends on how hard you are pushing it in non-lockup. If you're towing a load up a hill, unlocked, it will get pretty hot.
The proper operating range depends. The hotter the fluid gets, the shorter the life of the trans. This is especially true over 220 degrees as I recall. There was an article on this in the TDR magazine a year or so ago. At higher sustained pan temps, above 250 degrees as I recall, the life of the stock trans is drastically reduced.
The temp of the 47RH in my '95 hardly ever gets over 140 now, but I am running an ATS which runs cooler than stock. I forget exactly how hot mine got when I was stock, but I know it was over 155 running the same territory. I also have the Mag-Hytec and use the port for my sending unit. When I first got the truck I was seeing transmission temps of 280-320 in the pan. Didn't seem reasonable. One day I crawled under the truck when the temp was suppose to be 280 and put my hand on the pan--it was only warm to the touch. Yup--the sender wire wasn't tight and was making a bad ground. As soon as I tightened it properly the temps went down to normal.
Maybe someone else will post the # of the issue that transmission Temp article was in.