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I have the same problem with my '81. It's a pretty simple circuit as best I can tell and is either the sender (most likely) or the gauge itself. With mine the gauge needle went to maximum temp and stayed there. I was able to disconnect the wire and get the needle to sweep so I'm pretty confident it's the sender for me (just waiting on the part).
The sender is right above your oil filter and has a single wire connector running to it. The only downside is the sender is a fairly expensive part ($75).
Could certainly be a problem at the printed circuit or the gauge. That part is a bit more of a pain to get to.
The sender is a piece of cake. If your slim you might be able to make it without lifting the car. I needed to jack up the driver's front wheel a few inches to squeeze under (because I love cheeseburgers). You'll only need to get your head under the car at most to be able to reach.
What is the gauge reading with the key on? If it's pegged to cool, it's missing ohms input, if it's pegged to high pressure (past 320) the input wire is grounded.
To test the dash unit, go to the sender and pull the wire off. See if the temper goes to cool, then ground the wire to the engine and see if it peg's hot. If the dash unit is working in this manner replace the sender. If it's not then you need to go inside the car and verify the wire from the sender actually has a ohms reading on it. Again without knowing what the actual gauge is doing I don't know which way to steer you.
The oil temperature gauge didn't wire through the printed circuit, it wired direct with power, ground and a ohms wire. You can check the wire at the back of the gauge with this picture.
Last edited by Willcox Corvette; Jul 23, 2015 at 04:35 PM.