I dunno, why not? I did this with both my daily driver and trail XJs (both 4.0/AW4):
The trail rig fluid runs from the trans, through the oem AC condensor, to a remote filter & back...
The DD has the same fluid routing, but uses a Summit 24000# GVW aux cooler into a similar filter... I did this in July when I replaced the radiator, so I only have a few thousand miles of experience, most of it in hot to warm weather.
The argument I've heard against it is that it won't allow the fluid to heat up properly. (ex. in the DD after 30 miles of driving on a 95* day, I can comfortably hold onto the filter...dunno how it'll be this winter)
OTOH with the fluid running through the radiator-cooler, it's gonna seek equilibrium at 210* or wherever the coolant stays...I'm not clear where the trans fluid runs, but it might end up hotter returning than when it left :dunno:
I have a similar setup for the kid's XJ but not installed yet: I got her a slightly smaller (20k GVW) cooler... I think for this one I'm gonna run the fluid through the radiator and then into the cooler, filter, and back.
I've never heard of automatic tranny damage from being run too cool, who hasn't heard of one getting smoked from being overheated.