o.k. kind of new at this fiero clutch thing.I have a 1986 GT that the clutch was done approx 20,000kms ago ,car has 112,000kms on it.I noticed the other day when i was under the dash on the drivers side of the car that my clutch pedal (arm) was a little wet with fluid.I'm assuming this is from the clutch resevoir?Not alot just enough to get some on your finger if you wiped it.Should i be concerned?Is this a known problem with a 4-speed car?Clutch works fine otherwise,please advise.Thank-you.

Yes it is a concern.
Your clutch master cylinder is about to fail, replace it before you experience any problems or get stranded!

How big of job is this to do I have zero experiance with this type of work.

There is usually a pin that attaches the pedal to the master cylinder plunger. It may be possible you have some worn components that are causing the added inch of play. I don't recall seeing a clutch return spring so I believe the spring located inside the master cylinder performs the return function of the pedal.

The job of replacing the master cylinder is actually quite easy and involves removing a clip at the pedal, the pressure line on the master cylinder body and two (13mm?) nuts that hold the master cylinder to the car. I'd say it shouldn't take anymore than 5 minutes to pull out unless you have to fight rusty or seized bolts. After you get the new cylinder installed check back with Ogre's cave since I believe he has a writeup on how to bleed the clutch system.

As for the cruise system.....it's possible that the "kill" switch for the cruise control needs a bit of adjusting to compensate for any play you have between the pedal and the master cylinder, however some of that extra play could disappear when the MC is replaced.