The bad news would be if it's working properly and your oil pressure really IS dropping when warm!
But that can happen with an old, tired and worn out motor. Or with oil that's so old it just no longer has the viscosity properties it was born with.
Did you change all the fluids when you bought it, or did the PO say they did it? I never trust PO's, but even if I did (like with a receipt or it was someone I knew and had seen change the oil) I would still likely go through all the lubricants and liquids anyway. That way I know for sure it's been done, and can keep tabs on it.
The fuel issues can be sending unit issues, loose wiring, etc.
The oil can be bad oil, bad bearings, bad gauge, bad sending unit, bad wiring, etc.
The water temp can be rusty scale on everything inside, bad sending unit, bad wiring, bad gauge, etc.
The only way it's going to be the IVR itself, and not the wiring between it and the gauges, is if all three gauges do the same thing at the same time. If only one reads high, the other reads low, and the third one something else, or if they do all the same things, but at different times, it's not going to be a known IVR issue. Not a normal one anyway.
Because all three gauges are on one single IVR output terminal and one single wire connector until they spread out to the individual gauges, all three should act the exact same way at exactly the same times.
Where the variations usually come in are after the IVR. Whether that's the instruments themselves, the sending units, or the wiring in-between, the IVR is usually going to be the one consistent fault in a consistent problem. Even if it's heat related (or just old age) all three gauges should see it at the same time.
I would start narrowing it down so you know for a fact you're not running improper parameters.
Yes, the engine can run at 160° if a lower temp thermostat (or no thermostat at all) is installed. Or if the sensing circuits are failing.
Oil pressure can be strange, but that's not a good sign with engine components. So we'll hope for an electrical issue for now, but verify.
Fuel readings are notoriously wacky on Broncos. Senders, floats, wiring, connectors, wrong sender for fuel tank, new sender not calibrated to the existing gauge, all sorts of things.
Let us know a little bit more about your rig if you can. New to you is new to us too. Give us a rundown if you don't mind. Shoot some detailed pics of any area you're not sure about, or are still learning about with your new Bronco.
Bronco PO's (previous owners) are also notorious. Notoriously bad at wiring fixes and mixing and matching the wrong parts, and for their desires being bigger than the Bronco's capabilities!!
Looks like you've got some pics in your garage and gallery already, so that's good. I'll check them out. But if you want some detailed shots to go here in your thread, you can either become a contributor for 12 bucks a year or you can e-mail them to me at
paulb@wildhorses4x4.com and I'll post them up from here.
Anyway, start with the tests of the individual sending circuits, and verify readings with a "second opinion tool" such as a mechanical oil pressure gauge, or an infrared thermometer.
If you have dual tanks, you can run one dry and flip to the other tank (hopefully full!) to see how it runs from zero to different numbers of gallons in it. Is it (or they) a stock tank?
Paul