Excellent, thanks guys. For context I’m not savvy on the difference and went and bought a simple ESC without knowing it had a max output of 1350 W. barely turns the 6374…
EDIT: speed modes found = problem solved
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35a is what i would set max for any 4.12hw based vesc without heat sink. I didn’t specifically speak about the Flipsky 4.12
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According to heat it makes sense 
2 years ago I had V4.12 (45A batt max each) on my mountainboard and in summer the vescs and motors got boiling hot. I had to take breaks because of vescs cutting power.
I switched to Vesc6, I’ve mounted them in a small closed box and even in hottest summer they never overheat.
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What is concidered hot for each component and how do you check?
Your vesc will power down when reaching 80 degree. At 100 degree he will switch all power off.
You can check that via Bluetooth app.
With motors it’s a bit a different story, but if you can’t touch it it’s definitely too hot 
Problem is that the epoxy which hold the magnets can be affected due to overheating and damage your motor permanently
When the motor says 65A max what would be a good continuous amount?
That doesn’t matter because you only set the max. values 
Basically you wrote the answer for correct settings already:
Yes, that means max motor amps can be set up to 65A (the rating) each vesc, if they get too hot or deliver too much torque you can lower this setting. I would start with -40A motor regen and test in real life if you need stronger or weaker brakes.
With 12s4p 30Q you can set batt max 40A each vesc. 4A is max. charge per cell so In theory you have only 16A in total with your battery which means a setting of -8A batt regen each vesc. This would be a safe setting. On the other hand I’ve never seen more than about 50-60% of my max batt regen setting in real life running back to battery. So you could increase the batt regen to -10 or even -15A each vesc (at your own risk) but only if you need stronger brakes at high speed.
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