"What goes around, comes around"...
I find it amusing that BrianPetersen posted "... NOWADAYS, it's a variable-displacement pump..." [re: automatic transmissions]. The original GM 4-speed Hydramatic first offered in 1939 (Cadillac, I think), and up through early 1956 (and even later in some trucks and Rolls Royces) all had a variable-displacement front pump. And they didn't need a lock-up clutch for cruising efficiency, as the fluid element (a 2-element coupling, not a torque converter) was out-of-the-circuit (just along for the ride) in 3rd and 4th gears.
I guess it's obvious that I'm a fan of the DualRange Hydramatic. I ran my first HydroStick (a DualRange modified for racing) back in '65. And I just recently built one for the pickup that I'm putting together.
Just for argument's sake, I'd love to work with a transmission-dynamometer shop on fixturing one of my HydroSticks to get some hard numbers on its efficiency.