Modtech, you just may have commented/answered the UTF question in your post inadvertantly
You indicate that UTF is closer to engine oil in various categories and to expand on that, some L&G HST manufacturers (Sunstrand in particular) changed from ATF to engine oil in the early days and all if not most now require engine oil for cooling, lubrication and operation of modern L&G HST's.
In looking at the oil cooler Tachdriver used. He used an engine oil cooler w/a thermostaticlly controlled bypass. Basically the oil bypasses the heat exchanger until it meets/exceeds 140f, then it reroutes the hot oil through the heat exchanger to cool it off.
I think we can surmise that cold oil seems to work better and when testing out HST's one of the major recommendations is to see how it operates once its warmed up, as it's more prone to fail once the fluid has heated up to operating temps.
Cooler oil also does a better job of dissapating heat of the component it's circulating through.
IMHO, the HST cooling system of our BX's is good -to- adequet when considering all the extremes it's designed to operate in. I'm sure the engineers determined that as long as we run the proper oil (UDT/SUDT/SUDT2) which is designed to operate in these extremes, that the tractors will operate and not destroy themselves in these extremes. But thats not to say that cooling that HST fluid down when finish mowing 2 or more acres on a 90degree day is a bad thing either
SCUTs are the only modern utility tractors that utilize a driveshaft driven fan to cool the HST and it's oil down. All the others use a heat exchanger, normally mounted in front of the engine radiator so it can utilize the same fan to draw cooling air through both. Some of these "others" have similar power and are the same size as the SCUTs.
It's also of note that JD's newest SCUT has done away w/the HST cooling fan setup and gone to an external heat exchanger.
It would be nice to have an engineer contribute and let us know what the "ideal" HST oil temp should be. I could be wrong but I'd guess it's alot south of the temps OrangeRidge posted and more inline w/what Tachdrivers HST heat exchanger provides.
Dave