For the caliper being smoking hot, make sure the caliper pins are lubricated with silicone grease. Don't assume the manufacturer did that because the caliper is new. Also, check the brake hose--internal breaks can prevent the brake shoes from properly retracting. Once, again, I would completely change the brake fluid. New fluid has much better lubricity and prevents the piston from binding. If you do all of these things, the square-cut seal inside the caliper should allow the pads to retract and not generate excess heat.
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