Pretty much.
All I did (general idea, not all the details) was find a Delphi connector that was fairly compact, and had enough terminals to accommodate all the wires I was trying to run, and used ring terminals on the connectors of each gauge. The 12V and grounds can be shared by all the gauges, and IIRC that should simplify wiring in your case as GM used at least two sets of 12V/grounds on the earlier clusters.
A separate wire for each sending unit to each gauge, any indicator lights, and the dash bulb feeds. That's it.
I also took the time to convert over to LED dash bulbs, with a PWM dimmer (fixed at the brightness I determined correct for me), and hard-wired those LED's to the cluster as well. That was a bit more work, as it is somewhat time consuming to modify 168/194 bulb holders to hold the LED's, and soldering the bulbs to the power/ground wires, but I should never have to deal with them again either.
None of the parts are particularly pricey to do the hard wiring, it's just a matter of time and motivation.
This should take you to the pics I took of the project:
s831.photobucket.com/user/dyeager535/library/Truck/Cluster%20hard%20wire-LEDs%20C-K-R-V%20trucks%201973-1987%2091
Unfortunately, looks like I can't find the picture of the back of the cluster once completed. That is a '90-91 cluster, so the drilled printed circuit board you see (electric speedometer) won't apply to you.