According to the iFixit teardown, the LTE chip is near the end of the logic board closest to the top of the iPad (you can tell from the position of the camera and the docking connector on the teardown and from the shape of the logic board). By CR's thermal images, the largest heat signature is exactly where the LTE chip is on the teardown, two thirds up the left side of the iPad.I have to disagree with you here. This is not in the area of the LTE chip. This is where the GPUs are. If an LTE chip can produce that much heat, then it's using way too much power.
And yes, if the antenna power is maxed out, the LTE chip can produce (relatively speaking) too much heat and draw too much power. If you ever carry a cell phone with variable antenna power in a shielded area for a prolonged period of time, you will know what I mean (seriously, when I'm just carrying my phone in the basement of the hospital where I work, it gets hotter than it does when I am at home using processor/graphics-intensive apps, but this effect goes away with the antennas turned off while in shielded areas, which also has the effect of considerably increasing battery life). I believe excessive power consumption was the reason Apple passed on the crop of LTE chips available at the time that the iPhone 4S was introduced.
Interestingly, most posts I have seen on the internet have mentioned that the warmest part of the iPad was the lower left corner. It seems as if most posts inspired by the CR article failed to appreciate where CR said the hottest spot was.