you can also drill holes in the case of the ESC (take the ESC apart first) and then have a fan blowing into the ESC. This is what was done on my 1/8 scale Mamba Max setup before the Mamba Monster came along. worked quite well.
As for settings, if you are not getting any weird cogging or low end go backwards starts, leave the start power at low, and just adjust your timing setting to low. Rest you have to make up with gearing and cooling methods (heatsinks, fan, etc)