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1982 owner here, Is the engine temp gauge (aka coolant temp) a good indicator of the actual engine temp, assuming its working but coolant isnt flowing? Asking because I had a big coolant leak, but no overheating according to the gauge or the oil temp gauge. If coolant isnt flowing, would that gauge still tell you if its overheating? Could oil temp indicate overheating? Thanks
If there is no water to take a temp from then it's not going to tell you about the water temp. So no, not reliable.
Oil temp will go higher, but it's not for indicating overheating in a water cooled engine. So again no, not reliable indicator of overheating for your corvette.
Fill it up with water after fixing your leak and see what happens. If you have a blown head gasket you'll know pretty quick. If no problems then drain it and fill with your antifreeze water mix and carry on.
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How do you know the coolant isn't flowing with a partial loss of coolant? Is the water pump no longer pumping? If your coolant stopped flowing and your gauge was working, it wouldn't take long for the gauge needle to move hard right at cruising speed. My temp gauge is original and still works. Is it reliable? I would think so having lasted 36 years thus far. Is it accurate? Mine is accurate to within a few degrees as far as I can tell comparing the gauge with a laser temp gun. But the gauge really is just an indicator. Needle hard left, engine cold. Needle in the middle, normal operating temperature. Needle hard right, engine overheating. So the actual or true coolant temperature accurate to one degree is not that relevant. The needle should remain pegged around the middle of the gauge at cruising speed.
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The water pump is fed from the bottom so it will always fill your engine block if there is enough in the radiator to do that. If there isnt it can only push what it has then you will lose flow. If your sender is in the side of the passenger side head you have the best chance of it being in coolant at lower levels. Check your oil level. If you Suspect overtemp you want to rule out it leaking into your oil. It will be a gray sticky mess on your dipstick or on you oil cap