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I would check the connector and then just replace the engine sender, first. But there is a better way than just swapping parts. Do you have a Ford Factory Shop Manual (the "Body" manual)? for your year? You should. It spells out testing procedures on this and most everything else that can go wrong, in detail. Ebay is relatively cheap, and I would get a full set, or at least the body and engine manuals.
Anyone who is going to keep their Ford truck, long term should own a set of the factory Ford Manuals for it ASAP, and a DVD copy of the parts books. Makes a lot of things a lot simpler.