Folks, its been solved. I know you stayed up late at night waiting on the next post.
James had it. It was the box (aka fuse mount). I bypassed it with the big blue 6g wire nuts, and bingo-bongo, no heat buildup with Mr Digital temp gauge. Trust me when I say, there was NOTHING to indicate that fuse box was at fault (fuse saddle pressure, resistance, ohm reading, no corrosion, etc).
I'm off to find a replacement breaker box to replace it with to get me to square one.
Thanks all!