I assume that mine is repro, and always reads 1/2 tank low (that could be a good thing). I haven't gotten around to changing it, but I know my gauge is good, as is my ground. I don't know if it is binding, or if the float has a pinhole, or if it is just a POS.
If you have it out of the car, get out your trusty volt-ohm meter and check the resistance. If I recal, full is 10 ohms, empty around 93 (could be the other way around..) It it's very wrong, replace it.
The repro's I've used, and I went through 3 of them to find a good one, were pretty much crap. I finally had to resolder the tube joint on the third one or I'd still be driving back and forth to Cal Mustang trying to get a good one.
If the brand name on the box is Jumbo Solenoid, they are, as noted above, crap.
i just cleaned up mine in my '68 and it works fine. the unit is a float mounted on a rod that goes up/down with fuel level and attached to a rheostat (variable resistor made of copper wire windings) that goes from to 10 to 82 ohms and provides signal to meter relative to position of pick off slide contact on rheostat. mine would hang up on dead spots on the rhestat from dirt - simply use fine sanpaper to clean wire wraps and contact pickkup and it is good for another 100,000 miles - check your float by shaking and listening for liquid sloshing around. use ohmeter to check cleaned kunit before reinstalling and note smooth operation from 10 to 82 ohms with no discontinuities. PM me for further info.
After installing a new repro in the Fastback, it reads 1/2 tank low (as others have experienced). Perhaps I should have matched the float arm to the old one prior to installation. Maybe this winter, I'll get the motivation to remove the unit and attempt an adjustment to get a more accurate reading.
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