Just got a FC T2 by trade. Iv'e got some newbie Q's please!
 

So I traded my 85 SC MR2 for a 87 FC T2. Pretty happy with it. But....

It gets 12 mpg Sad Could it be due to the fuel pump? Injectors? I need to know how to tune it for better mpg. It also has a oldschool HKS piggyback fuel controller. It has a dial to adjust w/ a screwdriver. Should I try adjusting that higher or lower?

The oil level light and annoying buzzer goes off VERY frequently. When the oil level is FINE even. I found out if I unplug the white connector behind the odo the noise stops. But so does my tach, gas guage, oil pressure guage, etc. Is this a bad relay? Connection? How can I trouble shoot this?

Huge turbo lag. Doesn't start hauling till like 5K. But then, it HAULS. The previous owner says its a T3/T4. Is this why? Or is there an exhaust leak b4 the turbo?

The dipstick wont stay in. It always pops up when I check under the hood. Should I wrap tape around the dipstick to increase the inner diameter? Should I glue it on? Is this common?

Those are the major ones. The other stuff miniscule in comparison. But, I may think of some more :D

Well, I hope you didn't traded your better gas mileage...LOL

Your oil buzzer may be due to sensor being stuck or corrosion on the circular connector you have disconnected.

You also may have actuator problem as to your torbo issue...

I get about 10 mpg... :)

Yeah, from what I heard rotaries east up the gas :( So.. where is the actual oil sensor? I put that circular connector back on. I need to watch my gas! Arg.

There are several factors...

First, what's the issue about your dipstick? Is it even the right ones?

Second, it could be oil pressure control valve, regulator valve or oil pump gear worn out.. or as simple as clogged oil strainer.

The above needs to drop oil pan to ck.

This one... is Oil level sensor, which located near oil pressure gauge.

It could be an easy fix as corroded connection...