My thoughts:
I'm surprised you can idle so lean. I would have guessed you should be more like 13.5 - 13.8 / 1. If the engine really likes it there (which would surprise me, but every car is different), then fine- in theory you should go as close to 14.7/1 as you can without the engine running funny (surging, etc.) or getting too hot.
I'm surprised your WOT works well so lean- I would have guessed with that setup you'd be more like 11.5 - 12.0 /1, especially with 11:1 CR and a roller cam (which I assume is fairly big). You are using race fuel, right?
I also wonder if your injectors are too small- don't know for sure what HP you're making, but I would suspect you need more injector. If you record (log) a WOT run, what is your injector duty cycle at high RPM? If you're over 85% (which I bet you are), then you need more fuel (assuming you have adequate fuel pump). Also, is your VE table fairly close or are you getting a lot of O2 correction?
Glowing red spark plug wires?!?!? That don't sound right! If your wires are bad, typically you'd see little lightning bolts zapping around in there, they shouldn't be glowing red! Do you need bigger wires with less resistance? Even if you have big wires in good condition, then get them away from the hot metal (or insulate them)- a hot wire will have more resistance than a cold wire.
I don't think A/E will affect anything, this is only for transient conditions and won't overheat stuff instantaneously like what you're describing. Startup settings also aren't gonna heat you up either. Something is amiss with your steady-state conditions (like timing or A/F ratio when running). AE really just keeps you from bogging when you hit the throttle.
What is your WOT timing? Do you have a knock sensor? How big is your cam? What RPM do you bring the motor to (shift point)?
I bet you will get a lot more HP if you make it a bit richer, I put money on you running too lean.
I am also surprised that you run a 0.041" gap- if the car runs okay then fine, but I would think that a gap that far open would blow out the spark.
-Bob Cunningham
bobc@gnttype.org