Well, today I finally got around to testing the thermocouple. According to the catalog I have, it says that the resistance should be 2.5 ohms. I read 2.8 ohms at 60F ambient temp. The gauges are calibrated at 70F, unless mine was calibrated at 32F for cold applications, which I don't think it was. I also ended up pulling one of the bullet ends off when disconnecting from the wires going to the gauge
So I pluged it back on and souldered it. I also put a little bit of dielectric grease on all the connections to try and prevent any chance of any corosion buildup. So I went for a drive afterward and noticed a couple of things right away. First, the EGT would rise and drop almost instantaneously, where before it would rise and fall at a slower rate. Also, now while accelerating I would routinely see 600F where before it would max at 500F on flat ground. At 57 mph it now reads about 480F. Anyway, now what? I emailed the manufacturer and hope to hear back from them with their thoughts. They do list their thermocouples as having a 500hr service life, which this is definitly past.