I ran my Fet Valve 550 for a few hours until the rear heatsink was nice and hot, then I opened up the cover (with AC cord unplugged, of course), and touched the TO-3 transistors with my fingers. Surprisingly, the transistors didn't get all that hot. So I think as long as the heatsink has enough room to breathe, it should be OK.
PS. the transformer didn't get all that hot either.