The sender body should be the same so, yes, I believe you can but the gauge will have the graphics for water temp
i also had another idea, could i screw in the sender body in place on of the drain plug in my transmission pan? (i have an aftermarket pan from PA)
It would be pointed at the ground? If so, you might want to make sure you have sufficient ground clearance.
This is what I have and it works well: http://www.summitracing.com/parts/BMM-80212/ I have an aftermarket aluminum pan and the sender is screwed into the side of it. However with this setup it doesn't have to be in the pan at all. You can just tee into the outgoing cooler line and put the sender wherever you want. As a bonus, it actually says "TRANS TEMP" on the guage, so you know, there's that...
Something to think about is where you want to measure the fluid temp. I think the line coming out of the transmission is coming directly from the torque converter and will give you the max temp the fluid will get. Think that will tell you about hi-temp fluid breakdown. Measuring the temp of the fluid in the pan will tell you the temp of the fluid that's running the transmission (other than TC). Or, you could put the sender in the return line and measure the effectiveness of the transmission cooler. (Don't think anyone recommends that.) I thought about doing that because I wondered if my in-radiator "cooler" was really acting as a heater since the engine temp is a lot hotter than the transmission. I put mine in the pan.