I've had temp senders in three places on older trucks and could read the temp of the pan, the cooler out (the hot time out to the trans cooler) and the cooler in(from the trans cooler to the trans) line. I had one gauge mounted but a three way rotating switch. When the pan was 140, the cooler out (remember that's converter oil) was 220 while cooler in line was about 150 or so. I can read two temps on my '05 F150 right now and while cruising down the freeway, converter locked, pan temp and cooler out are about even. Soon as I am in town, shifting up and down a lot and not locking the converter much, cooler out temp is always 50-80 degrees higher. You can get used to "normal" reading converter oil temp once you understand what "normal" is... but if your gauge only goes to 250 and you are pegged there all the time, it's not telling you much useful. That's why I like a sensor in the pan, even though it's more work to install. If you see pan temp at 250, you know you are in a heap-o-trouble and cooler out is likely in the 300F range. Finally, the transmission with lockup converters are usually a little more "loose" than a non-lockup. This is to enhance acceleration and torque multiplication and when they are unlocked, they usually generate a lot more heat than a non-lockup converter.
FYI, the pan temp in my '86 (C6) seldom gets past 140 even on the hotest days Even when I used to tow at 18K GCWR, I hardly ever got to 180 let alone 200. Yes, it has a big cooler.