16v idle when cold and temp guage

[Philpy]

I know this has been covered in the past, but I couldnt find any certain answers.

Basically when cold it doesnt idle at all, revs drop very quickly and it cuts out. But I have also noticed that sometimes the temp guage doesnt work, and recently the red LED in the temp guage starts flashing, normally meaning over heating but it will happen 30 seconds after starting from cold sometimes!
So obviously something isnt working as it should, any ideas??
Thanks

[Gambit]

the flashing light means low water level. top it up.

as for your idle. if the co% is set correctly then with the car fully up to working temp disconnect the ISV and then set the idle using the idle screw to 1000rpm, reconnect ISV and thats it sorted