Sorry to hear that your evening was cut short, but that sounded like a reasonably successful first session with an old race car. Yowza! Are there any other old rubber parts about to turn into dust? There absolutely is such a thing as too much oil cooling. There are coolant and oil temperatures that will make the most power, and they tend to be at the upper ranges of allowable. Back when I was racing we'd try for 230 degrees, and that was on mineral oil, the current lubricants are much better. On that hose bursting, can you use the AN sized hoses that most racing supply houses sell? We always had good results with those.