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A fixed resistor like shown isn't likely to "regulate" at all, since it depends on current to drop voltage, and the senders send current in pulses, not constant. The type Dick posted is the best way, or you can buy one of these on eBay (only need one for all three gauges): Upgrade to Modern Instrument Cluster Voltage Regulator | eBay
Thanks for the help guys. All this is excellent information. I'm glad that we have captured it in one spot.
After browsing through a Mustang forum I saw that someone recommended going to National Parts Depot (NPD). They had several solutions but I braved 5 o'clock traffic and went down to Canton and picked up part #10804-1 for a more reasonable price. They also had a solid state version #10804-1E for $33.50. I'll let you know how it works. If it doesn't then I'm glad I have lots of alternatives. Thanks for all the suggestions. Beers on me at my place.