4kq running cold

[rplines at pacifier.com]

I have some questions related to the cooling system on my '86 4kq.  Since the weather
has cooled off, (about 0-5 deg. C ambient) it seems to be running colder than "normal".
 It usually runs between the 3rd and 4th mark just slightly above halfway on the
dash gauge.  It is now running at the 2nd mark on the dash gauge.
Realizing that the dash gauge is not a precision instrument, I hooked a thermocouple
into the water outlet in the side of the head (same location as the gauge sender).
 I hooked up a small indicator light so I know when the radiator fan is running.

On the way to work this morning (about a 25 minute drive), I saw the temperature
fluctuate between 92C and 94C.  The fan never came on.  Once I arrived, I let the
car idle for a few minutes.  The fan began to cycle with a temperature of 99C to
103C.
I guess my question is, do these temperatures seem normal?
I re-checked my thermostat, it is less than a year old, it is stamped "Wahler, W.
Germany, 83C".  The rad. fan switch says 90C/95C.  Are these the correct parts for
my car?
Maybe my only problem is an inaccurate dash gauge?
Any suggestion?
TIA

-Peter