Part of the problem is the fuel Traxxas 20% is aweful I have fried two motors on that fuel. I run odonnells 25% nitro and ever since I switched fuel my truck runs so much better and cooler and have gotten a lot more life out of my motors. Also at those temps your way too lean thats all it could be or you got a major air leak somewhere maybe around the lid of your fuel tank. I have a Revo 3.3 and those go bad pretty often so you may check that by removing the tank putting it in water and blowing through the fuel line to see if you see bubbles. If you see smoke from the top of your motor you need to kill the engine right away you really don't need to let it get to those temps you will fry the motor fast. Hope this helps. Also by meshing he means the Spur gear and clutch bell gears if there too tight they could be causing resistance and making your motor run hot.
---------- Post added at 8:16 PM ---------- Previous post was at 8:15 PM ----------
Also make sure if you change fuels you do a small break in period with the new fuel like a couple of tanks of just easing around.