I have one. They're useful in 2 ways.
1. If you raise motor, it'll tell you if you went too far!
2. Allows you to monitor health of water pump. I noticed that pressure went up quite a bit after I installed a new pump.
Engine temp is more important, but it looks like you already have a cyl. head temp gauge for each bank. The E-TEC EMM(computer) monitors temps in both heads AND the EMM, which is also water cooled.
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