This connects to radiator hosing and it appears that it connects to the fordomatic too? I was told that the 53's were air cooled? What is this?

 

Anyone? Bueller?

 

Some sort of modulator valve maybe, my best guess.

 

After doing a little research. It appears to be a transmission cooler as seen in this pic.

 

Interesting! I was told the 53's were air cooled. Think this was an add on?

 

That is air cooled, compared to a tube in the radiator. Do you have a workshop manual?

 

Read a couple conflicting things about it.

1 said they were standard in late 53 for trucks
2 said they were an option

Either way it helps and is actually called an oil to water cooler.
Here is a pdf showing it on page 5 as well.
http://www.fordmanuals.com/estore/demo/Demo10169.pdf