Mine is mounted in the same place the first person suggest and I have a steering box brace. I have a heat sink type cooler though. Measures about 15" long x 3" diameter.
We are using that same size and style cooler for our power steering and it *barely* keeps it cool. And we have a lot more airflow around ours. I would never rely on one of those for a trans cooler, especially in a low airflow area such as where yours is. If anything, get that moved out into a place where it has a lot of air flow.