Since you are having problems with two gauges at the same time and one of them seems to not be accurate, my first guess would be an electrical problem.
Check the connections at the temp sensor and at the fuse block for the instrumentation circuit. Sounds a lot like a loose connection or a short in a wire somewhere. After that it gets a little more complicated without seeing a schematic.
I once switched the wires between the oil pressure sensor and the oil pressure switch, boy did that make things go wonky until I figured it out.