I have seen this problem 3 times, once it was because the distributor was in wrong and the ignition timing was way off, the second time i saw the problem i found a bad Throttle Position Sensor. The third time i found that the timing chain had jumped a few teeth and thrown off the valve timing. A clogged exhaust system will not cause this problem as i have seen numerous (completely)clogged Catalytic Converters and the chief symptoms are: lack of power or no start.
An overheating motor will not cause this problem either. I've lost count of how many overheated motors I've seen and that has never caused a glowing exhaust.
I would begin by using a timing light and check ths base timing, then scan the motor to see if you have a bad Throttle Position Sensor.