Sorry for not getting back sooner. Got the flu and it really floored me.
I really like the ultrasonic idea, but couldn't find an affordable sensor which could handle the temperatures.
That brings me back to the electrodes version. I found an integrated circuit that is perfect for running an ac current to the probes, so now I'm wondering if an Arduino can do the same as this IC?
If the Arduino can't do that, I'll set up the low coolant alarm as a stand alone system, and use the Arduino for my trans temp gauge, engine temp gauge, and I'm also thinking of using it to replace the LPG and petrol gauges which are hopeless.
So here's my shopping list
Arduino
Screen (4 lines for more detail)
Plate to mount the screen in
Temp sensor to glue onto the engine
Probe for low coolant alarm
Mounting to put the probe into the radiator hose
A box for the Arduino and some wires to connect everything will be easy to work out, but I still need to find a suitable temp sender for the auto trans fluid, and to find out if I need to buy a separate IC, or if the Arduino can do the whole job.
Then I have the fun of learning to program it.