If you glow a manifold, your timing is wrong, or you are making way more power than you have fuel for. Fuel cools of the exhaust (EGT) so does water injection, ethanol, methanol. But you are on straight gasoline right? So the EGT is skyrocketing either because you ran the engine hard (make power) without enough fuel (cooling), OR, Your timing is retarded and pushing heat to the exhaust system. The oil may be related somehow but it is mostly likely a result OF your high EGT and not the cause.

Steps I would take

0. compression test the engine to make sure a piston hasnt broken into pieces, allowing blow-by to push oil out of the engine
1: make sure you have enough fuel for the power you are making, i.e. Watch the wideband.

2. Set the ignition timing properly, use the FSM or find one of my many posts where I explain how I do it
3. Replace the ECU/CAS if the wideband says a good number (11:1 or 12:1 for example) and the ignition timing appears right, and the compression test is good. Alternatively you can diagnose each cylinder individually for a timing problem. I have seen this happen on a POwer FC, after 30 minutes of hot run time, suddenly one or two cylinders would glow red, the ECU was bad.

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