Yes and do what Boomerang said. Econo is not your best choice of covering, I do use it on small electrics and gliders sometimes but today there are much better coverings on the market. I did try it once on a big plane, a senior telemaster and tried to save some money, then I had to remove the econo and use real mono so I lost a bunch of bucks in the end.
The CG Chip is one of the better small stunt planes and you really don't want to cut corners on it, give it the respect it deserves.
I have never owned or used a temp gauge, when my irons temp is correct it is correct, I start out low and come up as needed then run it a bit warmer. Seems to work pretty well!