Is it the SPX Super Reverse? I notice it has a 5.5 turn limit, so I don't know how much margin there is in that. Gearing depends on track size, if you're over geared for the track you could heat it up pretty quickly. Acceleration from low speed is where most heat is generated and a mid range ESC with no fan will be more vulnerable.
Obviously check the drive train spins free, other than that keep gearing down, if the temps don't drop by the time you're running out of ratios there is probably something wrong with the motor/ESC.
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