Oh my, I am not sure where to start...first, though, I doubt you've got low oil pressure, that turbo would likely be gone with those temps if you had low pressure...Glowing cherry red turbo is likely the result of bad exhaust valve timing - or engine running very lean...
Cam phasing is a good place to start, but I would begin by ensuring that the MAF is working properly, and that the 02 sensor is in range (diagnostic tool)...I think you've got a mixture problem...
Incidentally, removing the cat can cause the car to run much worse and the turbo to get even hotter - it was designed with a certain amount of backpressure in the exhaust...and removing it without compensating (larger injectors, etc...) can cause problems...
And get a known good gauge to check your oil pressure, I suspect it's fine, but on heavily sludged engines - there can be sludge inside the oil pump pickup and that causes starvation...shouldn't affect running (unless it siezes up...) but worth knowing it's OK. The Oil Pressure warning on the dash is just an idiot light set for something like 4 PSI...
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