I put a pretty large cooler (16-pass; 18"x12")under the left side of the club cab. I cut the return line after the elbow & rotated it 180 degrees so it pointed to the rear of the truck. After mounting the cooler (it's flat - parallel to the ground, so there is an effeciency loss; but it's got to be better than just the return line. ) I ran high-temp lines to each end of the cut return line, so now the ATF had to run through the cooler. Just used regular hose clamps and threaded together a 1/2" barbed adapter to a 3/8" barbed adapter for each end. Works great. No temp. guages but the outlet side feels a lot cooler than the inlet side that otherwise would be going back into the transmission if I had left things "stock". The flow rate and velocity of the ATF is not enough that the reduced diameter will cause problems. Also when changing the ATF, I'll disconnect the outlet hose and let the idling engine pump out most of the fluid into my drain pan. Then I can drop the transmission pan with very little mess!!
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95 2500 SLT, clubcab, 2wd, longbed, a/t, 3. 54, 142K miles, "all the usual refinements"