Carl. My understanding is that the cases on the '55 and early '56 air cooled FordoMatics are the basically the same as the late '56 and '57 water cooled FordoMatics. I haven't done it, but I've been told that the water cooled transmission could be used with the air cooled '55 and '56 torque converter coupled with the air cooled bellhousing.
Since heat is said to be the biggest enemy of automatic transmissions, I'm told a '55 or '56 air cooled transmission could be drilled and tapped for the late '56/ '57 oil cooler lines (same hole locations on the case), the appropriate late '56 or '57 radiator installed and the transmission oil (fluid) then cooled by both the air cooled torque converter AND the oil (fluid) circulated through the radiator internal tank. Extra cooling!

To verify the interchangeabilty of the two converters, I'd check the hub diameters on the air cooled aluminum two piece converter and the one piece steel converter. The concern would be the front pump seal size being the same.
Hope this helps!
NoShortcuts
a.k.a. Charlie Brown
near Syracuse, New York