As i said above you wanna be backing off and having a cooldown lap if the oil goes over 120 degrees, and as you say the same if the water goes into the red. As you're running relatively low boost you may well not have too many problems, mine was ok when i used to run 14psi. However i was on a trackday recently and holding 21psi the water temps were gettin too high for my liking after about 15 minutes pushing the car very hard but the oil didn't go above 110 degress now i've got the cooler on. I normally just do a couple of slower laps to cool it down then go again. i'd drop your pressures about 5psi from what you normally run on cold tyre and check them when you come off track to see how much the pressure's have gone up. I run my R888's at about 25psi cold.