@VT R:
On my G5, there is a gap of 1 cm between the exhaust pipe and the rider foot rest rubber sleve. That is enough for air to pass over it and keep the rubber cool.
Either the foot rest bar is bent or the exhaust pipe is higher than it should or your peg has too much rubber on it and it has obesity
. Here is a picture of my bike for comparison.
May be you know it, just a hint to see picture clearly. RIGHT click on the picture below. It will open a window. Select "Open in New Tab". You will see a much bigger and full view of picture in New Tab, next to the original Tab.