Well, at least the Dual Guard doesn't have the .029 restrictor that the older single mount does. I actually
think you'll be okay.
C.S. is correct. Ball valves are hard to regulate. Valves in general are not linear flow devices. You approach 100% flow anywhere from 40-55% open. They just don't have a reactive component to them. Even if you get the choke correct for cold operation (start up) it will be way wide when hot. Luckily, ATF is real thin to begin with and you may not even need a bypass.
I've tried to find cheap pressure regulators ..but they really don't exist in any economical configuration that I've run into. You run into temp issues with some that are affordable. The actual design of what you need is very simple ..but I just don't see any that are cheap and affordable ...or for that matter, available. You only need a spring seated ball with adjustable tension. You would then dial in your desired bypass setting.
One system/technique that is cheap and viable ..but somewhat of a waste of the utility of the device is a cheap hydraulic mount that's avaiable from McMaster-Carr.
The whole setup, w/filter, is $24 before shipping ..and it has a 15psi bypass in the head. You would then just cut a gasket and glue it over the inlet holes of the included spin-on ..and voila~! you've got a cheap 15psi bypass valve, albeit rather bulky for what it needs to do. I guess you could just order a 3um absolute filter and just let it clog up. I don't know how long that would take
(no, this won't last anywhere near as long as a BE filter and costs almost as much).
If you were handy with tig/mig that may a way to make it more compact.
I do admire your overkill approach to this.