As the others have said it could be timing or carb. Sorry but I'm not familiar with MF tractors and don't know how old your model 230 is. The key questions are is it using too much fuel and does it have the power it should?
When I was growing up I plowed snow with an Allis WD until well after dark on zero deg nights (at least I remember it was very cold) and the exhaust pipe would get red hot, maybe even orange hot (hotter yet) down close to the hood. It ran for years like this without any premature wear.
My guess is the exhaust pipe got this hot while doing field work during daytime hours but we never noticed.
My guess is the fuel systems and timing were not as accurate back when this tractor was built contributing to this issue.
Turbochargers get red hot on diesel tractors when worked hard. You don't hear much about it as the turbo is normally hidden under the hood and the operator does not see it.
These are my experiences, may or may not help you but may provide some insight.
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