To fix your temp gauge/light.
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First - make sure the temperature gauge sending unit - located under the coil is the right one. If someone replaced the temperature gauge sending unit with a device that has a connector that looks like CTS, then you have the wrong unit. The correct temperature gauge sending unit WILL look like the one on the right.

Next - determine which wire goes to the gauge and which goes to the light. Key on, engine off ground first one and then the other of the wires of the temperature gauge sending unit. One will make the TEMP light come on. The other will make the temp gauge peg full scale. The one that lights the light goes near the side notch. The one that makes the gauge go full scale goes away from the side notch

Finally - if your TEMP gauge is off you may need to re-calibrate it. The following article talks about how they get off, how to fix them so they stop getting off, and how to re-calibrate the needle
http://www.fierosails.com/tempgage.html[This message has been edited by phonedawgz (edited 01-14-2012).]