Bill,
I have the trans cooler in the trunk of my Fairlane. Deep pan on the trans to gain some volume, then hard lines into the trunk, B&M Super Cooler with a fan on it. I have a thermal switch for the fan so it kicks on when the fluid is hot. Back in the pits I just crack the trunk and let any hot air exit. In a drag only car, you generate heat for less than twelve seconds, so you're fine so long as you have adequate fluid volume and a way to manage the peak temperature.
The advantage is that you don't have to run lines up to the busy part of your car, you don't have anything blocking the radiator, and there's a couple pounds now in the back of the car rather than being right on the nose.