QuickFix wrote:the ESP can get pretty warm (~40 degrees C) at times.
40 degrees isn't bad. I understand that is probably the metal case temperature (ESP-12) rather than the chip itself. The Espressif site lists the temperature range: -40°C to +125°C.
I agree that the cooler you keep electronics the longer it's life expectancy. But for CPUs and control logic I have little concern of failure due to self temperature rise. Now if you have other heat sources that raise the ambient temperature significantly then you might have issues, but I expect failures would be in the heat generating components rather than the ESP8266. At least that has been my experience.
With an average current consumption of 75mA and a 3.3V supply the power is only 1/4 Watt.