A lot of guys here are in the right church but the wrong pews.
It could be timing, but it's odd that it only affect that one cylinder. If it is timing it would be RETARDED not advanced.
It also could be running LEAN which would cause the exhaust temp to rise. Unburned fuel has a tenancy to cool the exhaust gases because they haven't ignited to cause heat.
Also could be an exhaust valve that isn't closing fully or is opening early.
I'd start with a thorough going over it for the basics, timing, check for vacuum leaks etc., make sure the carb is adjusted right. Not just the mixture screws, but the floats as well. If they are low it could go lean. Then check it with a vacuum gauge to verfy the mechanical condition of the engine. Valve timing/ sealing etc. Followed by a cylinder LEAK-DOWN test, not a compression test. Leak-down is more acurate because a compression tester only measures peak pressures, a leak-down is more stable.
Good luck, I hope this will help.