Does bad timing make a catalytic converter get red hot?

It can, yes. So can a bad fuel mix. Catalytic converters run hot to begin with, and dumping unburnt fuel into a converter can cause problems.

It will mess with the O2 sensors causing premature failure.

It can clog the converters and actually set the converter's internals on fire.

See the related link for more information.

"An engine that is not performing properly, that is not burning all the fuel, will allow unburned or excess fuel to enter the exhaust system. When this excess or unburned fuel contacts the hot core of the converter it will ignite. This constant infusion of unburned fuel will cause temperatures to continuously rise above the designed operating temperature until the core of the catalytic converter will actually melt. Possible causes for the excess fuel entering the exhaust system are an incorrect fuel mixture, incorrect timing, corroded spark plugs, worn and cracked ignition wires, improper fuel pressure, a faulty oxygen sensor, sticking float, faulty fuel injector or a malfunctioning check valve."