What makes you think it is overheating?
What makes you think the powervalve isn't opening? Seat of pants, or have you physically confirmed?
It all sounds very odd. I would do the following based off what you've said.
Drop crank case drain plug. Make sure you don't have excessive 2T in the cases.
Replace the plug.
Physically check RHS engine (powervalve actuation/governor/clutch assembly).
Check stator side seal.
Change transmission fluid to fresh oil.
None should set you back too much in time or dollars.
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