Yes, they will that is known as a thermal event, locking dip sticks are required on 10.99 sec and quicker cars NHRA 2010. Seems a little stupid cause the trans vent can still puke fluid from the same event.
The fluid rise I was speaking of is normal and is readily seen, looking for and measuring that will give or demonstrate how much you can cut.

Cut the tube and stick on the 32 truck, 350 turbo trans used the method posted. Wanted to keep the OEM assembly, that lokar is crap hard to read, add trans fluid you need an eyedropper. If I could figure away to remove the lokar from the 34, would do it in a heart beat.