ELEC--temp and fuel gauge out!! Help

Yes, it's almost certainly the instrument voltage regulator (IVR). You can buy a replacement -- RockAuto has them -- or somebody makes an improved solid state version. You are lucky you don't have the rally dash -- it has the IVR built into the fuel gauge, so you would have to do some cutting and soldering to replace it. But on the standard dash it is a screw-on.