Hi,
My take would be that it will work just fine. I certainly would put a temp gage in the return line to find out. Remember you don't have a lot of room between 190/200 f motor temp and 240 trans fluid failure (beginning). In a hot rod the temp rise can be startling especially with a trans brake. I don't think I would worry about being too cool unless I lived in cold country (grew up there)
bentwings