Radiator/Coolant check light coming on when racing

[bark3rd]

I was out last Sat night street racing as usual (5 kills, including an LTi T/A w/mods!)
and when I went hard through the gears my Coolant check light would come on. The temp gauge reads normal, and coolant level is fine. When I turned the car off and re-started it the light would go off only to come back on again the next time I romped hard on it. With my 4:10's and enthusiastic right foot, I often bump the rev limiter hard in 1st gear, could this be causing the computer to warn me? Is it possible the engine could be hotter than the temp gauge indicates? (It is functioning, the gauge rises slowly when the car is warming up). Pls help, I may be frying my car! I am running 92 oct gas with my timing set at 13 deg.

------------------
Black 2000 GT,5 spd,17" wheels,4:10's,flowmasters Steeda pulleys, timing adjuster, K&N filter