I have a Park 300 out runner and 10A speed control. Using a 3s lipo the props I have are drawing about 10 amps. The motor is rated for 7 amps. It is getting hot. If I throttle back a couple of clicks I can get it down to 7 amps. Can I adjust the throttle volume to obtain the correct current with my props? I see this as a way to make a "virtual" 2S battery. Am I missing something?

You're overpropped. You need to drop the prop size down an inch or so, diameter or pitch or both.. The key with electrics is to hit the 'sweet spot' of motor, prop, ESC and battery, a balance where nothing gets hot but is still efficient and fun.

Throttling back drops the amps drawn, but the ESC 'sees' max amps all the time, and switches on and off hundreds of time per second to modulate the load & RPM. Hard on the ESC and motor.