A similar Heat issue has been discussed here re the nifty little Peak McKinley.
Neither the Fenix P1 or the Peak McK have much metal to act as a heat sink. That's simply the flip-side of these super Size-Efficient designs. With present technology, that heat build-up is just an unavoidable -- but very manageable -- consideration.
I've found that the best course is to simply avoid long constant-on use of both these lights... and just use 'em for shorter 5-10 second intermittent bursts... with reasonable breaks to cool down.
While the heat build-up from constant-on isn't that bad, it will diminish your battery life.