Hi Phil,
I could be wrong, but I'm not sure the fuel gauge behaves the same when the key is off as it does when the swing arm is bottomed out. In other words, if I'm correct the gauge has a zero point for no gas, and another zero point for no power.
When checking the operation with the sender out of the car, I seem to recall that when the key is on, the gauge reads just a little below the red with the arm fully extended, and then reads quite a bit lower when the key is off.
Seeing as both fuel and temp gauges depend on power from the voltage regulator plugged into the back of the cluster, and the OP is having trouble with both gauges, I can't help but wonder if perhaps the regulator or it's connections are flakey.
Before pulling the sender, it might be useful to check that 10 volts are being supplied to the gray wire when the key is on.
Peter
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