Yes - exactly what I have with mine.
The cause is the sensor on the thermostat housing - the one pointing forwards that has two spade terminals - one large, one small. Take these off and clean them - the light comes on when the wire is disconnected and goes off when the wire is grounded (opposite logic to what you might expect).
Seems that often the fault is the actual sensor itself - which serves both the gauge and the warning light, so it is a part unique to the 164 and difficult/expensive to buy. I have an idea of removing the sensor and 'cycling' it several times in an oven set to 120-degrees C, which might cause the switch to operate more reliably. When I get around to trying it, I will advise the results.
Cheers,
-Alex
