One additional thing to check will be to make sure there is no pre-load on the pads like I had when I first was doing test runs. Reach under the dash and try to spin the rod going to the brake booster through the firewall. It should have a tiny bit of play and not be tight. I found I had one turn to many on the screw and that was enough to cause the brakes to heat up. Over the course of 10 minutes, the brakes would slowly grab tighter and tighter until they started to smoke like yours.
68' Firebird 400 convertible, numbers matching, solar red w/ deluxe parchment interior. 66' Pontiac Ventura Hardtop 66' Pontiac Catalina Convertible