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You need to find out where the probe is installed. If it is post turbo as you say the previous owner claimed it's nearly useless. It should be installed pre turbo on the exhuast manifold to be accurate of cylinder temps. Post turbo the gases have had time/room to expand and loose temp
That gauge does look like an early model. And I wonder about probe placement...It should give a cooler reading if the probe is in the downpipe instead of the manifold but to me it's still a base to start from and monitor. Comparing with the rest of us would be tougher because we monitor at a different location but he should still be able to tell if something is wrong if he knows his baseline and normal numbers. And temps of 1250 would not be good at that point.
Does the backlight come on with the ignition? If so then it may just be the wires for lighting & power for the sensor are swapped. As said the sensor should be in the exhaust manifold for accurate readings.
You need to find out where the probe is installed. If it is post turbo as you say the previous owner claimed it's nearly useless. It should be installed pre turbo on the exhuast manifold to be accurate of cylinder temps. Post turbo the gases have had time/room to expand and loose temp
It seems like I have seen a "conversion factor" on this forum but I wouldn't know where to find it now. Certainly the temp will be much cooler post turbo, but I would think you should be able to easily calculate the pre turbo temp, like say, "add 200", or whatever the number is.
you might want to check the sensor of your EGT gauge and make sure it is actually a thermocouple., Typically a K Type thermocouple will not function correctly if you were to change the resistance in the wiring by adding a switch like you are describing