Proper setup = success.
You are currently geared for 43mph, which is fine, but it seems the hot motor indicates you are undergeared, especially with 6s lipo- for ~40mph speeds 4s or 5s lipo is fine, 6s is for doing silly fast speed runs with much taller gearing around the 50-60mph area really (the stock truck isnt heavy enough to justify that much power being used for only 40mph IMO- use a ~1600kv motor for 6s otherwise

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Punch control reduces the 'punch' from a standstill and during acceleration- the higher you set it the more reduced the punch becomes. Setting it higher will also reduce the amount of current the motor draws to an extent, so it will run cooler I have found. Also used for reducing back flip tendancy.
You should raise the timing to low to medium as this will improve the efficiency of 4 pole motors; low or lowest for 2 pole motors like feigaos is best.
Also, change the throttle to 'forwards-brake- reverse with lockout' so that you dont fly into reverse after applying brakes for a few seconds.
Start power is fine at low.
Auto lipo is also fine, though 3.2-3.3v per cell is good to protect $$$ or crappy lipos.
BUy an IR temp gun too- touching a hot motor is not a good (or healthy) way to check your temps- this is high-end stuff, you gotta have a well equiped kit bag
Motor = max of 180*F, ideally no more than about 140-160*F.
Esc = max of 160*F, ideally no more than 120-140*F.
Lipos = max of 120*F, ideally 100-110*F.
Have fun