I know you have new plugs in it so it may be hard to tell if it is running lean, but it sounds like it. For kicks try a different fuel source.
I thought the bigger motors like these have a fuel pump too. It might have damaged it causing a lean condition which explains the extra heat.
Which model is this? Briggs or Kohler? Maybe I missed it.
Also do you have a primer bulb off of your tank? Did you try with your gas cap off again to rule this out? It might be all related to your original issue and the log just coincided with your fuel pump going bad.
Extra Reading:
http://www.advrider.com/forums/showthread.php?t=801022