This paper reports the first detailed analysis of a transient grating (TG) experiment on a supercooled molecular liquid, m-toluidine, from 330K (1.75Tg) to 190K (1.01Tg) based on the theoretical model presented in Paper I of this series. This method allows one to give a precise description, over a wide dynamical range, of the different physical phenomena giving rise to the signals. Disentangling the isotropic and the anisotropic parts of the TG response, a careful fitting analysis yields detailed information on the rotation-translation coupling function. We also extract the structural relaxation times related to the "longitudinal" viscosity over almost 10 decades in time and the corresponding stretching coefficient. The value of some other parameters and information on their thermal behavior is also reported.