Red LED means it's off... Orange standby (Connect24, yes it's warm)
If it's on red, I don't see any reason to why your Wii is still warm unless you live in a very hot environment.
I don't think you should be pulling the power, if the Wii is anything like a computer (which of couse it is) then you could easily short circuit it maybe even blow the power supply or fuse by pulling the power cord each time (once to many)...
If you have further problems with your Wii staying warm even when the LED is red then you should contact Nintendo customer service regarding this problem.
Just some advice and warning...!