If you take my advice right now, it'll be the best thing you ever did for your Fiero.
The Hypertech ThermoMaster chip is completely worthless. Hypertech doesn't make crappy products... however, there's nothing really TO DO on your motor to improve the power. Anything that it could do, you can do better, and manually. The only thing the Hypertech chip does is try to advance timing ever so slightly. You can do this yourself by adjusting the distributor while going with a slightly higher octane fuel. If you want instructions on how to increase horsepower by advancing your timing with the distributor and higher octane fuel, let me know. I'll type it out.
The Hypertech Chip however is totally worthless. I have owned that exact chip. I paid $174 dollars for it... it was one of the first modifications that I ever did to my car. I later sold it for $100, wishing I had never bought it.
It does nothing.
Anyone that says they felt a difference, merely felt difference because your car always performs SLIGHTLY better when you reset the ECM (which is what happens when you do this).
But to answer your question, the computer is located between the seats. The glove box comes out.
You first must removed the shifter surroung. There will be two 7mm screws holding down the arm rest / glove box assembly. Unscrew those. Next, open your glove box door and look behind it. You will see two more 7m screws. Remove those.
Next, remove the cigarette lighter plate, and unscrew the cigarette lighter from the plate.
You can now remove the arm-rest / center console.
You'll see a great big silver box on the firewall (or a black box if it's been replaced).
There is a little access panel which is held on by TWO 6mm sheet metal screws.
Remove these...
You will then need to pry the panel off slightly with a thin flat-head screw driver.
You will then see the chip.
The Hypertech ThermoMaster directly replaces your existing ECM chip.
You will not lose the LIMP mode when you replace it as that is also stored in a seperate chip on the motherboard.
You will want to pry the chip off using either a chip puller, or carefully by using a flat head on either side. Do one side at a time, but work it out slowly (you don't want to damage the pins).
The Hypertech Chip simply snaps in place.
Oh yeah, you MUST disconnect the battery first.. I forgot to mention that.
Make sure you keep the original chip, because within 6 months to a year, you'll be selling the Hypertech Chip to some other schmo on eBay and you'll want your old chip to be able to re-install.
That's it. You can expect no horsepower increase, and a lighter wallet!! 
However, I do recommend going with a 180 degree thermostat (160 degree is FAR too low).
And the Hypertech Low-Temp Fan Switch... that's a very good item to have.
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Todd,
2002 Ford Crown Victoria LX
1997 Pontiac Grand Am GT
1987 Pontiac Fiero SE / V6 5-Speed
1987 Pontiac Fiero SE / V6 (3.2L) Auto
1984 Pontiac Fiero 2m4 SE
1981 Pontiac TransAm (sbc 350)
1973 Volkswagen Type-2 Transporter