ATF is pretty good, easy to get, has good viscosity properties across wide temp range.Resists high temps well. I have used it in some big hydrostatic systems. Doesn't have quite the additive packages for antiwear, and a bit thinner than I feel comfortable with. Gear pumps are not as efficient as piston pumps and have differnt viscosity and antiwear needs.
PErsonally, in Miinesota I'd use ISO 46 grade antiwear hydraulic fluid. Shell Tellus, Mobile DTE 15M series, Amoco/BP/Rykon 46 MV. Any quality fluid with ISO 46 viscosity grade. Roughly a low 20wt SAE.
That works well at fall and winter temps (using a magnet heater on tank and suction line in cold temps anyway) yet is ok in summer. ATF in summer, ideally want to be under 125F or so to keep the viscosity up.
Someone down south, where machine never sees freezing, I would use ISO 68 viscosity, the next grade thicker than 46. High 20, low 3O SAE grade. Much better up to 160F, or intermiitent to 180 maybe.
The universal tractor fluids are ok too, but my preference is still the the AW hydr fluid. Just keep a couple gallons spare in case you loan it out, so someone does not put motor oil in with the hydr fluid. Doesn't hurt things, but then starts to hold water more.
kcj