I really miss the "Good Old 460" but the fact is the V10 cooling system is far better.
I'd guess the torque converter couldn't lock, or stayed in slippage mode, and that's what overheated the fluid. Since fluid circulates throughout, the whole transmission got hot.
Does your fluid appear dark/smell burned? If so, you've got to drain it and replace. 1993 "may" still have a torque converter drain plug. If so, you can get a good replacement (high % of the fluid) by dropping the pan and draining the converter.
Upgrade the transmission cooler for sure.