Can't sleep so done a little reading about the 2LT , i hope that's what the original engine was ?
Most of what i read relates to Surf's with that engine but it seem's the light is a common fault and smack the dash is the most common fix . A wiring fault in the dash so they say .
I also read that the red light will come on if your boosting beyond 0.8bar (11.5psi or thereabouts)
If your problem is heat , and this seems most likely if turning up the fuel lights it up , perhaps you should be looking at the turbo's cooling lines . I don't know but i imagine you have the same turbo as me so both engine coolant and oil pass through the turbo to keep the heat down .
The light would annoy me but i'm not sure how far i would go trying to fix the problem while knowing full well that the light is warning me that a completely different engine shouldn't be doing what my new engine is doing
maybe you should just leave things alone until you get an egt gauge .
When i turn up the fuel i do like a tenth of a full turn and leave it that way until tomorrow , it takes 2 minutes so it doesn't matter if it takes a month to get it right because one day you will be nipping down the shop not even thinking about it and you will suddenly think wow shes running like a dream , and that's it mission accomplished .
Don't touch again or it will take you another month to get it right ..... don't ask me how i know that