IMO....since you've gone to the trouble of removing the instrument panel, why not install a NEW, instrument panel voltage regulator by RT Engineering. Its completely solid state and provides an extremely accurate 5 volt output for the gauges. The origional IP voltage regulator is a thermal/mechanical device, known to cause gauge failures. In addition, consider replaceing the temperature sending unit, that provides the reference signal to the temperature gauge. This is a Negative temperature coefficient device....high resistance when cold, yielding a low temp reading. As the resistance decreases with temp increase, the gauge reads up scale. Remember the instrument panel gauge is nothing more than a 5 volt thermal device, calibrated to read temperature, fuel or oil pressure. They all work similarly. The gauges need a reliable 5 volt source to operate. It does not take much additional resistance, due to corrosion, at the bulkhead connections or device connections to cause the 5 volt signal to get lost. Just my opinion of course.
BOB RENTON