I'd say it's running way lean. I'd get it fixed quick.
On my 914, I have a standard oil gauge, which read normal (this is after I added new carbs). I then bought what's called a cylinder head temp gauge, which had a temperature probe that you put under one of the spark plugs. That gauge would read waayyy hot. Just because the oil isn't too hot doesn't mean that your plugs and the areas around there aren't too hot.
I was able to tune that engine by buying a
wide band O2 sensor however these guys are pretty expensive ($350). You can also tune by pulling the plugs alot.
I think your engine is running very lean, and I wouldn't drive it until you get it sorted out.