One of the benefits to following Mark's procedures to the "t" is that the coolers and lines get flushed during the process.
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I thought that this was a temperature operated switch and that it slowly opens depending upon temp. Seems to me that there will be some mixing of old and new fluid in the pan because of this.
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No, the bypass valve is operated by pressure. In case the coolers or lines get stopped up, the tranny pump will cause the pressure to build up and eventually cause the bypass valve to open and relieve the pressure. But ice cold ATF is thicker than warmer ATF, so with cold enough ATF the pressure of the cold ATF trying to flow through the lines and coolers might be enough to open the bypass valve.
So if you remove the tranny cooler return line from the back of the tranny, that opens the bypass line at the banjo connection. So if old ATF gets past the bypass valve, then the worst that can happen is you'll have ATF from the bypass valve all over your driveway. But that should happen only with a very cold tranny or with a defective bypass valve.