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I was getting the same thing towards the end of lapping sessions in my '02Z. It was a hot day with oil temps getting up into the 290's, but it was the first time that I got the high trans temp warning.
I did two things that are helping me keep trans temps down.
- Shifted up to 5th gear on sections that I previously was running maintenance throttle in 4th at ~6,500 RPM. The only reason I didn't do this all the time was I didn't like the additional downshift in the next braking section, but found that the additional shift really didn't hamper anything so it was a mute fear.
- I wrapped the x-pipe in heat tape from the point that it widens before the trans all the way back to the axle back connection.
Here are a couple pics, and yes - the trans leak is fixed...
Designer Imagines A Corvette That Looks More Like a Corvette Than the Corvette
Slideshow: A Jaguar designer's personal project imagines what a modern front-engined Corvette might look like if Chevrolet revisited the golden age of the Stingray.