Yes, a good quality EGT gauge thats located in the right spot will let you know when things are getting to hot early enough to shut it down before damage.
It reacts very fast, and is a better indicator than a typical engine temp gauge as to whats going on at that moment in the combustion chamber.
Once you have a engine setup all dialed in, and note the EGT running temp at a given situation, you can then use that number as your benchmark for doing further tuning. Like rejetting for altitude differences or temperatures and humidity changes.
You may very well be OK with a 2d ignition and other things than be overly complicated trying to combine the extra variables of the 3d .
Its all rocket science at that point !