The PS issue is not just about overheating fluid. It can lead internal damage to the plastic parts in the PS pump which can deform and need replacement. The idea of using Redline PS fluid is a good one, but you need a heat shield between the headers and the reservoir.
At dvanced M-School last week, it happened to several cars, all M3s. The M5s and M6s had no problem, perhaps due to more space under the hood. Venting of some sort might be another solution.
BTW, all the cars had new Contis that were great in both wet and dry.
No one, absolutely no one had any trouble with brake fade. VIR has some long straights to cool the brakes. Of course, the 2 or 3d corner at the end of the front staight heats them, but is fortunately followed by several corners and the uphill esses where little braking takes place.