'S funny - I've pretty much always run ATF is a system once I get a chance to flush out the PS fluid - and just about every GM I've owned ran Dexron in the PS system anyhow.
Both Dexron and PS Fluid run the same base - 10-weight hydraulic fluid (same stuff I used in forklifts as well...) The difference is an the additive package used - and the Dexron is more tolerant of heat and high pressures than the PS fluid. Besides, isn't an automatic transmission just a big, complicated hydraulic system anyhow?
Of course, the operating pressure of the transmission ranges up to about 350PSIG (I've seen some Hd units hit about 500 under normal operation) while the average PS system hits about 1200-1500PSIG, but that doesn't really matter to the base oil. The increased pressure does entail an increase in system temperature, but that's no problem for the AT fluid to handle anyhow.
I also make a point of changing the fluid in the reservior every two years - but that's got nothing to do with the fluid I use - that's just maintenance. ANY fluid will want changing at intervals - and the fluids that aren't engine oil get changed every two years unless I end up doing something heavy.
Granted, I don't want to mix PS and ATF (I don't know what will happen, and why take chances?) but whenever I have to change one of the larger components and can flush out the system, I'll change fluid for simplicity's sake. The simpler I can make my supply chain, the happier I am. The fewer fluids I have to keep track of, the more room I can make in the shop to store spares and kit...
5-90