A street Tee or male branch tee should be avaliable at any hardware store.
The problem with two gauges is a very simple one. The gauge has an output voltage, apparantly in this case 5v. The gauge has an internal resistor. The sensor is a resistor. The internal resistor and the sensor are connected in series. This is called a voltage divider. The ratio of the two resistances will determine the voltage downstream of the internal resistor and upstream of the sensor. The gauge reports this voltage which it displays on a dial calibrated for temperature.
The megasquirt works the same way.
As the resistance of the sensor changes with temperature, the ratio changes, and as such the measured voltage changes. Here is the problem: If you connect two gauges (or a MS and a gauge) you are going to have two voltage sources and two internal resistors. If they are both the exact same voltage(not physically possible), your problem will lie in the changing of the voltage divider circuit. you will have put the two internal resistances in parallel. As a result, their cumulative value will be reduced, changing the ratio of the upstream and downstream voltages. This will throw off both devices signifigantly.
If, in the more credible case, the voltage sources are slightly different, You will have all sorts of weird issues. Current will be flowing from the highest voltage point in the circuit to all points lower. That includes from the higher gauge into the lower one. This will cause you all sorts of interesting issues that I can't really even predict.
If one is at 12v and the other 5v, the outcome is pretty straitforward. The 5v one will most likely be damaged.
This isn't a mystery. It is just a basic electric circuit. You can try it and find out for yourself, or you can listen to me or anyone else who has half a clue how electricity works and save yourself the headache.