If your running a king ll and a 3800 motor and your only hovering you shouldnt have any problem with a hot motor or esc or battery. I run my 3800 with a 10t pinion (I like lots of torque) and that allows my motor to loaf with plenty of power. I still can hover at half stick or a little less if everything is linear and nothing gets much more then warm. However I bumped those settings up so they all happen at 3/4 stick, 40% power and 75% pitch. I may be behind the pitch curve but with my low gearing it's stable and nothing overheats or even gets warm battery is warm but not hot after 10 min hover. Most of the heat generated by the esc is from dropping the 12.5+ volts down to 5 volts for the servos etc THAT generates a lot of heat. Although it will not give you a longer flight time (ok so its like 15 seconds longer ) you could add a external stepping bec and that would solve the heat problem on your ESC if you want a Hobbywing bec will put you back about 10$ or so. If your really into cooling things you can trim open the top of your ESC and mount a heat sink on it and that will NEVER even get warm!
pic below.
BTW its mounted with Artic Silver 2 part heatsink compound, its like a epoxy and is commerically used to mount heatsinks to irregular shaped components mounted on boards. It's permenent! Pricy though at about 10$ for the two small syringes.