Alright guys, I dug through my old phone's pictures and found some of when I swapped this.
Here is the stock solenoid (left) next to the BW one (right):
Here is a picture of the transducers. (2000 and older installed, 2001-2003 sitting on the left) I have a 97 so I have the 2000 and older style, and I accidentally got a transducer for a 2001-2003, so make sure you get the right one or you'll have to drop the pan again.:
Here are some pics installed, just to show that there is not extra protrusion or anything. It is a direct drop in.:
Also, while you guys are in there, if you want to do the free line pressure increase, here is the bolt. You need to put more pressure on the spring, so you move it counter-clockwise to push the plate down into the spring. I had to cut down one of my Allen wrenches because my sockets and L-Allens wouldnt fit. I honestly almost drilled a hole in the housing at pipe thread tapped it so I could adjust it whenever, but decided not to.
Note: This is one the drivers side of the valve body if my pictures aren't clear enough.
The last things, if you have a standard pan, I recommend you weld a bung for a drain plug in it because it is a mess taking it off without one. MagHytec's come with plugs ;-)
Also get a new filter and pan gasket while you're there. You can do your fluid then too, or just replace the couple quarts you drain, or even reuse your old stuff if you really want to be cheap!
I did my best to loosen one corner first and drain it into a 5 gallon bucket. I had a lot of mess to clean up. I'm also on 37's with a 5" lift, so I dont know if this would fit under a regular truck.
Alright, hope that helps solve confusion. The solenoid has worked awesome for me for about 9 months so far, and I havent been nice to it.