I put a temp sensor in my 700R4 pan and have a SPDT switch in front of my water temp gauge. I use a SPDT switch to choose trans temp or engine coolant temp. I also installed a SPST switch to lock up the converter in any gear.

A 700R4 runs hottest in overdrive, and you can burn one up in minutes. I put a large cooler in front of my radiator, and I never have a temp problem.