Macon,
How do you know it's shooting that fast? Have you shot the rifle over a chrony. It wasn't too long ago a thread was started involving this very subject. I find it hard to believe any .223, custom barrel or not achieving those velocities. Especially since your using factory loaded ammo. I could see this more easily if you were handloading and pouring the coals to it.
But to answer your question, YES. Anytime you increase powder charge, you in increase heat in the bore. How much extra heat you create depends on the powder of choice. Some powders have lower flame temps than others. Pushing a .223 with any size bullet that fast is asking a lot. It wasn't meant to run those velocities and it's certainly not worth a bolt in the eye. If you want to shoot those velocities I would move to a 22/250, 220 swift, or 22BR. These are more suited to those fps.
Gari