when you say pump is hot, do you mean the pump housing, or the motor?
the water flow should cool the pump part- it should be roughly same temp as water
The electric motor hot to touch could be an issue, but motor issue not pump (not trying to confuse you, just making sure which part is hot). If it is hot when outside temp is 56, I'd get an electrician to check it...

I'll let the real equipment experts address your flow rates- but it sounds like you're right about to much pump!