General steering temps, I like to see 120F to 180F as a normal and reasonable range. This puts most of the common fluids in a good viscosity range for use from low to high RPM. Industrial hydraulic temps are typically on the lower end to maintain higher viscosity, less internal leakage, and therefore better volumetric efficiency but industrial pumps don't see the operational speed range that a performance steering pump will experience.
Too cold (I would consider less than 80F), and the higher fluid viscosity will lead to more cavitation at high RPM and quicker pump wear. Now as for upper limits, the maximum peak that any of my teams hit is in the 210 to 215 range and that's with RDT or TT (cast iron/flow regulated) pumps running wide open for sustained periods in a high end Ultra4 or Trophy Truck. In a race like KOH, the average temp is 180 to 200 except for the occasional peaks. With a non-regulated billet TT pump in an identical system, steering temps peaking in the high 200's are common and I attribute that to a combination of increased cavitation and frictional losses throughout the hydraulic circuit.
A good fluid will last a race no problem although these teams are performing a lot more preventative maintenance, getting pumps serviced and flushing fluid on a regular basis, so being in the low 200's isn't of much concern. For your average weekend wheeler, I like to stick around 180F as a max although an occasional rise to 200 is still not overly concerning. For reference, Maxima Synthetic PSF has become my fluid of choice after seeing it work superior to other fluids in cold winter climates and in the 200+ degree racing applications.
On a flow-regulated TT pump like @bepop is using, even with copious amounts of throttle, I would have no concern running one or two of my finned tube "heat sink" style coolers wherever there is room to fit them in as I have podium placing 4400 teams doing this exactly. If someone can easily fit a higher efficiency cooler with a fan on it and wants to go that route, I will never stop them but I would say that it is not worth stressing over if plumbing and packaging will be that difficult compared to fitting two passive, and very robust, heat sink style coolers on the front of the car.