Running hot is usually caused by running too lean or retarted ignition timming. Also on those old cast iron engines the exhaust valve would stick when they get hot and cause it to die. When they cooled down it would unstick on it's own and run again. When it gets hot and sticks and it cools you could hear the valve pop when it unstick. Might check the compression before and after it cuts off.
You might like to rethink that again.
Yes running lean will cause overheating
Over advancing the engine causes it to run hot because the burned charge is inside the engine for longer thus more time to transfer heat
and of course too much advance can lead to piston failure
Now over retarding does not cause the engine to run hotter because the charge is inside the engine for less time so less heat transfer
However it does make the exhaust system run significantly hotter and as many mechanics use exhaust heat as a measure of engine heat they mistake a hotter exhaust to mean a hotter engine which is not the case .
Neither are particularly good & I hate to nit pick but this is the internet so answers will remain forever so need to be technically correct where ever possible .