If you ever see 300 degree temps from your transmission, you should pull over and just call the tow truck because your transmission is probably dead anyway. The dummy light comes on around 275-280. By the time the dummy light comes on, you have already started doing damage to the transmssion.
I did a search and ran across this:
The approximate life expectancy at various temperatures is as follows:
175°F 100,000 miles
195°F 50,000 miles
212°F 25,000 miles
235°F 12,000 miles
255°F 6,250 miles
275°F 3,000 miles
295°F 1,500 miles
315°F 750 miles
335°F 325 miles
355°F 160 miles
375°F 80 miles
390°F 40 miles
415°F Less than 30 minutes