really,really hot!!!!!

If an engine is running hot like that and you don't have any binding, it pretty much has to be a lean situation.

If the motor has five gallons through it, its better days are definitely behind you. I'd first look to the bearings and check for excessive play. This is another reason why I never liked the pull starters and other gizmos that have something sticking out of the back of the engine for starting without a box. They leak.