There is a light on the dash that illuminates when the engine is cranking, does anyone know what it means?  It's on the bottom right of the image below

Moaners Annual states it as Engine Compartment Cooling Fan Warning Light.
It should illuminate when switch turned to On position then should extinguish when engine is started.
While driving and it comes On. Immediately slow, take vehicle to nearest Toyota service centre.
Safety Warning Notice. DO NOT EXCEED 6kph for more than 6ookms with light On !!!!!!! (I may have misread that bit)
Prepare to be financially done over as they will never have seen a car like this and won't have a bloody clue.
To reduce this type of worry it is often better to cover large parts of the instrument cluster with bits of insulation tape.
Supercheap have various colours with most leaving a sticky residue that's near impossible to remove.
Or you could install a switch and manually turn On a very powerful intercooler fan.
Or as many of us have done, just leap from a tall structure.
Hope this has been instructional, helpful and well absorbed.
Some other cars are even more bloody difficult.

Hi JME, 
 
is this a 3sgte MR2T ? 
Is the intercooler the original one or a decent one?
Is the fan, the original one or a bigger one ?  
If not, may be worth upgrading...just because Aus summer is way hotter than Japan.
Can you usually hear the fan ? If so, what about when the light is on? 
Stock there is a temp sensor attached to the lid, which may be broken (would not turn n the light though)
Then there is a relay for the fan, which is more likely to trigger an error, but even that is doubtful.
Most importantly the fan goes round when the engine is hot.