I was ass-uming that for this large of a transformer either the loading is 24/7 or that 200% overloading was not acceptable. The problem with 200% overloading is that the winding loss is 400% of 100% loading which for this power level would be terribly inefficient. Deliberate overloading is for the purpose of reducing no load loss by putting in a smaller transformer, not for the purpose of reducing capital cost. If peak demand lasts more than 3 or 4 hours because of air conditioning demand then you have a problem that the heat capacity of the oil and windings is not enough to help. Some of the "rules of thumb" for overloading of transformers were developed during the days when peak demand was due to early evening lighting use. If the transformer supplies both an air conditioning peak demand and an electric heat peak demand then deliberate overloading is even less acceptable. I have seen an electric heat neighborhood in central Pennsylvania where each pole mounted transformer serves 4 houses and is rated 167 KVA.
A formula is an equation that you use but do not understand.
Deliberate overloading of transformers really applies to the small transformers that service residential and commercial loads. In this case deliberate overloading is acceptable because a transformer failure only knocks out a relatively small amount of load. Smaller distribution transformer fires are also easier to fight. Also, smaller oil filled transformers are usually more robust relative to their size and the "full load" rating is really based on acceptable voltage drop when starting motors, not on what the transformer can really take.
This big of a transformer is either an important generator step up transformer or a transmission transformer that serves a major load. You can just as easily save on no load losses by shutting off the transformer during off peak periods and throwing load onto an adjacent transformer.
You are also not taking into account the extra reactive compensation needed to load this transformer at 200% of self cooled rating. The impedance of this size of transformer is around 10% at the self cooled rating to help control short circuits and to help paralled transformers carry equal load. 200% loading would require about 3 or maybe almost 3.5 times as much reactive compensation as 100% loading depending on how much no load magnetizing current that the transformer needs.
Pushing a 700 MVA transformer to 103% or 105% of maximum rating is "probably" acceptable, but you are increasing the chances of a major transformer fire. You would also need to pay more attention to keeping the radiator free of dirt coatings and debris. You would also need to have alarms hooked up to the overload relays for the fans so that you can fix a broken fans quickly - you would also need to connectorize the fans and otherwise make it easy to change out a fan.
You need to consider all of these other factors besides reduction of transformer life. If after computing the extra real power and reactive power to operate this transformer at a higher power level you might find that it is cheaper to add another transmission transformer and reduce the loading of the transformers. In this case, overloading of the transformer would only be needed if an adjacent transformer os out of service ( repairs, cleaning the radiator, yada yada )