Heat is a sign of high resistance in the circuit. and as
MaxMidnight mentioned, a known issue is the 3 wires from the stator to the R/R. The molex nylon 3-lead plug develops brown, powdery deposits, and can fail structurally. It's not uncommon to have that nylon plug fall-apart into brown and blackened powder.
One way of dealing with it is to solder the wires at the plug, clipping-off the nylon plug. Another way is to use some dielectric grease on the individual stripped leads once the nylon plug is removed, and to splice them together using marine-grade glue-inside, heat shrink tubing. The idea is that in areas of vibration, a soldered joint may fail because of the vibrations causing the soldered joints to break.
That said, I've soldered wires on bikes before, and I cannot recall seeing one of my soldered joints fail due to vibration. If you're a Harley-Davidson guy, you may not be able to make the same statement. Parallel-twins like Norton Commandos, the DOHC Honda CB450, going back-to the 'original 'turtle tank' model; Triumphs, BSA's and others of that engine configuration often had electrical components fail due to vibration.
You pays yer money, an' you takes yer chances.
One of the primary things to do when dealing with ongoing electrical gremlins, is to remove your system grounds, and to make the connections
shiny and bright. A generous dollop of dielectric grease will help stop/delay ongoing corrosion. A system needs all grounds well-landed to whatever points of attachment you have. On the VMax the one by the oil filler is the primary ground. There's another smaller-gauge ground wire on the right side of the bracket beneath the faux gas tank cover, which holds the latch for the faux gas tank.
Pics below courtesy of new member
evillaveces, who did those grounds re-landings with resolution of his electrical issues.