i'll try to help,
oil pressure gauge is to make sure your engine is at optimum oil pressure level when you are revving or whatever. oil pressure is important so the lubricating oil can reach the farthest parts of ur engine. a drop in oil pressure may indicate problems with your engine and you should refrain from revving it immediately. alternately a rising oil pressure will indicate some blockage in the oil channels. oil pressure should be steady all the time when ur engine is under heavy loads like WOT.
exhaust temp gauge is a way to monitor whether your engine is running rich or lean. when tuning a modded car, and target airfuel ratio must be set for the engine. when this target has been set, the exhaust temp will indicate a range of operation, for example, maybe 550-750 degrees. the temp may vary among different cars due to where the sensor is located and also state of tune (AF ratio). when all has been set and your tuner gives you the go ahead to play with your car, you will revving the engine hard at different ambient temperatures, different elevation (genting maybe?) etc etc. as long as the exh temp is within the range your tuner has set for you, then you are alright.
a high exh temp temperature indicates a leaning out of the engine AF. a cooling exh temp temperature may mean a rich condition AF