One problem related to automatic transmission cooler has been reported for the 1997 Ford Mustang. The most recently reported issues are listed below.
The transmission developed a leak while driving home one day. I estimate 1 quart of fluid was lost. I filled it up but major gear wear had already happened (could hear whine from then on). The leak could not be found and sealed itself. Months later the main input shaft exploded while cruising at 40 mph rendering the transmission undrivable. The rear sway bar snapped on the right side while entering my driveway at low speed. I have been told both of these are common problems with this car but the close proximity after the warranty expired disturbs me.