Tom;
Not! If the gauge is working at all, its fine...what can go wrong...its beautifully simple, working on one of the first accepted scientific principles, that warming things expands them... (very few evolutionary steps above a rock!)...the calibration may be a little off, but you can easily check that (submerge sensor bulb in confirmed boiling water, observe cal mark) Reference: 
...then just remember that for instance "the gauge reads a bit low etc.". I would say the gauge is reading exactly what the engine temp is...so you may want to try another tstat (buy only quality units!)...have you done a system flush lately?
Cheers
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