Ok, you are using a sensor specific to the 4.9 or is it the same Fiero sensor?
The Fiero actually only uses one wire to run the gauge and one wire to light the overheat light. The ground is through the sensor itself which is why you do not use sealant on the sensor threads.
I would hook one wire to pin 13 on the C3 connector and run it out to the engine. Then another wire to pin 11 on the C2 connector and run it out to the engine. Then simply hook the wires to the 2 pins on the sensor. You have a 50/50 chance of getting the wires right the first time. If the gauge does not move when the engine is warm then swap the wires at the sensor.
To test the gauge you put a 1365 ohm resistor on the gauge wire and see if the gauge reads 100*F. Then put a 55 ohm resistor on the gauge wire and it should read 260*F. If it's off then pop off the needle and put it where it should be. A little pressure goes a long way.
If you need it the 1986 Factory Service Manual is available here:
http://spad.sytes.net/fiero/manuals/Page 972 shows the wiring diagram for the IP cluster. It also shows why the pegging temp gauge happens as the bulb test feature is wired through the gauge instead of the overheat light like it should.