I have a similar problem. I took the tank out and then the sensor. There is a clear plastic tube that covers the PCA. On it there are a ton of reed switches that react to the float. On mine, the board was completely corroded. The way that it works, is that the reed switches close the circuit. Depending on how far down the chain it is, the resistance changes. If the corrosion has taken out some of the resistors and/or switches, the gauge will read wrong. I think they were about $60 from the dealers. I tried to clean mine to fix it. It helped it work for about a second. Gotta order a new one.
Here is a pic.
Go to this thread about 2/3rds of the way down to see some more pictures.
http://planetnautique.com/index.php?name=PNphpBB2&file=viewtopic&t=13507&pos tdays=0&postorder=asc