I have checked and double checked timing yes I have changed the water tep switch assOver fueling will not make your manifold glow red with heat. Rather under fueling. too much air in the fuel ratio burns hotter, more power and then melts your engine. those two symptoms seems to clash a bit.
Unless the outlet valves are still open, loss of power and the flames down the exhaust.
You did not mention water temp sender. Car is warm, but it thinks it is still cold. Will over fuel your car. Give you all the symptoms you state.
Make 100% of your timing.
Make sure idle control valve is clean.
I thought it's over-fuel because I get a strong smell of fuel.
I'm going to change the coil pack tonight and see what it does if it still glow red I will move to valves and do Compression test.
Thanks for the repl.