From a thermodynamics standpoint the internal trans cooler is far more effective than an external cooler. Water has 100 times the heat transfer coefficient of air, so if you are going to bypass the internal cooler you are going to need a very good external cooler. To me the best solution is to fix the internal cooler.
Water does transfer heat better, but to cool, the trans fluid needs to be hotter than the coolant.
Once the engine reaches operating temps (195-215 for the I5, 195 to 220 on the alpha), the trans fluid is no longer cooled. Its just riding along with whatever the coolant temps are.
If you are 100% sure the built in trans inside the radiator won't fail, then a trans cooler installed in series with the radiator is great. Otherwise, a standalone is a good option when sized properly for the application.
At slow speed loads, a fanned cooler is good. At high speeds a bigger cooler is better as the fan wont be necessary (airflow is kuch higher than what a fan can do).
Btw, with a radiator type cooler, trans temps will get up to operating temps much quicker.
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