Maybe un-reverse the throttle and start again. if you get sloow turning, maybe its a trim issue.

ok anyway, depress the set button on the ESC and power on the car while holdingthe button down. when the red light turns on, give it full throttle, then wait, etc. then full brake when the green light comes on, etc. then neutral and wait for the lights to do the dance... this should set the trottle to the transmitter.
if you get the slow turning adjust the trim out..but you shouldnt.

I had trouble like this once, but I think it was becuase my trx pack was low when I initially programmed the speedo. check your throttle endpoint as well, to make sure its at 100% or better.

Also, I have grown increasingly disapointed with Novaks gear over the last 3 years. All the troubles are sensor related, have to do with chatter, and are mostly unexplainable. I think they changed component suppliers to non-usa or something, and their quality is suffering because of it.

If you have incredible heating of the ESC something is wrong inside, or possible hooked up wrong. the heat generating components in there are MOSFETS and can get very hot very fast if hooked up wrong. Try un-reversing your throttle and reprogramming your esc.
let us know how it goes.
thanks,
Pete