Do a search and you can find a couple of good threads that discuss this issue.
ATF is made with heat RPM in mind. It is also formulated for a closed system, meaning there are no combustion byproducts that can foul the fluid up. And in a closed system, there is little to no need for a detergent package(the real reason the inside of a tranny pan is so clean)...which no ATF that I know of has. Sure, you hear old school crap about the magic cleaning proerties of ATF, but it simply isn't true. The cleaning prowess of an ATF is due mostly to it's lesser viscosity than conventional motor oils, and when a quart is added to a crankcase, it tends to help the fluid flow better and perhaps remove particles faster. But, just using it alone as a cleaning agent is a worthless venture...no matter how many Harley guys swear by it. Nor is it any better for a rebuild fluid than a simple motor oil.
ATF could indeed help with some seal issues, but not a cure-all for a leaky CS.
Type F would be a preffered fluid for a bike box, as it is designed to increase friction when the revs go up, whereas a Dexron/Mercon type ATF is designed just the opposite. Although most riders will not feel any differnce between the two.
Heat is a major concern with ATFs. And they all do a good job of handling heat for prolonged periods.
Probably the best at this is Mobil1 synthetic ATF. As it is formulated using PAO. Many riders use M1 Syn ATF with great success. The downside of it is cost. M1 will run you about $6 a quart, and a conventional Type F is about $1.50 a quart.
I use typeF in all 2t bike engines because it is wet clutch compatible, can take care of the gears well, and is CHEAP, so I can change it out every ride with no concerns.
Instead of a $6 ATF, I would just use a more robust motor oil.
Even if I had to pay $3.50 a qt for ATF, I would opt for something else with a similar price, like Rotella T, Delo 400, or Mobil Delvac 1300.
But, Type F is cheap and I use it, and have for several years with no sort of mechanical issues as a result.
I would also not use any ATF in a 4 stroke bike engine, as ATF's do not contain EP (extreme pressure) additives like robust engine oils do. The OHC, plain bearings, and solid lifters simply need more protection than any ATF can provide.