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Could it be that they are connected to the choke/Temp settings, so that at first start up the red light is on as you stated and once it is warmed up to a set temp then the red light goes out and the green light comes on letting you it is warmed up and ready to drive? By reading your post that is the first thought I got.
Not sure though.
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'92 GMC Sierra, Sportside, 2wd, 350, Black
'92 Chevy Silverado Extended Cab 4 x 4, Blue
USAFR = 2A674 = Aircraft Fuel Systems Maintenance
i.e. Tank Rat
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