Your oil pressure might be fine. The pressure always drops as the oil heats up, and reacts strongly to engine RPM. You don't typically notice that in modern cars because the gauges lie to make it look impossibly stable. If you hook a mechanical gauge up to them, you'll see the same fluctuations.
The Fiero gives an honest reading directly from the sender without any "massaging". But while the gauge is honest, it's accuracy is still questionable.
First thing before you get too worried - hook up a mechanical gauge and see what oil pressure you really have. It will be more accurate than the dashboard reading.
Do not just replace the sender. They are chronically inaccurate so that won't prove anything. A mechanical gauge is the best way to really know what you have.
With the gauge connected, let the engine warm up and recreate the low dash readings that are worrying you. See what the mechanical gauge says in those conditions.
The typical rule of thumb is 10psi per 1000rpm is okay. Although I question whether that can be expected at higher revs - I think it's more of a curve than a straight line.
I don't know if there's an official spec for the 2.5L, but over at 60degreev6.com they list this for the V6s:
10psi @500rpm, 30-55psi @ 2000rpm
http://www.60degreev6.com/v...gen-1-specificationsI don't know what their source was for that. And again that's for the V6 - maybe somebody has specs for the 4cyl.
If the mechanical gauge disagrees with the dash, then you either have a bad sender, or a bad gauge/wiring. To some extent it will always be inaccurate but given a choice, it's better to have accuracy at the low end of the scale (where the reading matters the most).
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Below info is for the V6 - the 4cyl could have differences-
You can test the dash gauge and wiring by plugging known resistance values in place of the sender. On the V6s, it's basically 1ohm = 1psi. 80ohms reads about 80psi. You can twist a few resistors together in parallel to make the resistance you want to test, plug it into the harness connector, and you should see a matching reading on the dash. Note that the current flow is high enough that you probably will need multiple resistors in parallel. If you don't spread the load across enough resistors then they will get hot, but for a quick test,you can probably get away with it.
That's for the V6 - I don't know if the 4cyl gauge works the same, I'm just guessing that it would. But the resistance scale might be totally different, I don't know.
If the gauge itself is working correctly, and a mechanical gauge disagrees with the sender, then consider replacing the sender.
After past experience, I would only use ACDelco oil pressure senders.
On my V6, I found that the original 1986 GM and 2 modern 1988-style ACDelco senders were more accurate in the low end of the scale than any of 3 1988-style BWD knockoffs were. After going through 3 BWD senders, I finally gave up on them and went back to using the Delco. Comparison with a mechanical gauge confirmed that the Delco was more accurate, and the BWDs were *all* falsely making me think my oil pressure at hot idle was much lower than it really was.