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Interesting idea. I haven't done this, but with the refridgerant and lubricant added to it, I'm not sure if you'd be able to get it clean enough. I suppose it's possible.
If you get it to work without contaminating the tranny fluid, post some pictures and let us know what you did to clean it and all that information.
My friend uses one as a power steering cooler on his rock crawler. It seems like he has gone through a couple now after they develop leaks. Can't say if its due to flexing or not, but it has never all out "blown out" though. It has definitely made a big difference in the number of pumps fried.
Without a therm The oil would never get up to operating temp. Tranny needs to get to at least 160 IMO to burn off condensation and allow it to get to optimal design tolerances. Too cold is just as bad as too hot. IMO