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For the LAST time a cup IS a 172 without a few nice added bits, so YES it does have a gear shift light.
The light is basically a "you should really change up now or your going to hit the limmited" warning.
And yes the limmited is different if the car is hot or cold. (and there is no fecking way of knowing this, until you clober the limiter early and realise your car is still cold !)
Ive heard of a few cars with disconnected lights (the 182 I drove was disconnected) so if you dont see it appear it migh just be a loose wire.
It come on (or should) 3 hundred rpm below the rev limiter I think. It works on the oil temp which is different than the coolent temp whcih can be seen on the dashboad light, basically its most likly the oil is colder than the coolent although if you rag if from cold the oil will get warmer than the coolent quicker so the rev limiter will be remove earlier.