You got it right GTO, you will just have to idle in neutral for a few seconds to get everything juiced up again. They fail by getting hot and melting the plastic ball, which then plugs up the cooler and kills the trans.
I work for a pipe fitting manufacturer so I got my Tee and fittings at work, but they are available at Lowes or about any hardware store. You want a 1/4 NPT T, and a 1/4 to 1/8 NPT reducer and two 1/4 NPT hose barbed connectors for in the hose. I think that's the easiest way to install it. Print the picture and take it to the hardware store and they will hook you up. I've used these T manifolds in two transmission lines and on my little Bro's jeep with no problems.
There is a very detailed thread on this that covers the full spectrum of possibilities and shows a few more aftermarket manifolds, you'll just have to hunt it up.