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I have an 87 F-250 Long Bed Ext Cab w/dual tanks. When on the back tank, the guage reads fine but on the front it always reads empty. I drive on the front until it sputters and switch to the back as I head for a gas station.
Question, how are the wires to your fuel float connected?
It may be that on the front tank they aren't...
If they are, I would say the tank float has gone bad. Be super careful if you have to drop the tank. Get it as empty as you can, do the job outdoors, and don't let anyone smoke around your workspace.
Several points: Wires and float are a good start. The sending unit tends to go bad on those pumps as well, though (I have the same problem and do the same as you). I also learned on this board that moving the bed is easier than dropping the tank. Another point is security: an empty tank with fuel vapors in it is more explosive than a full tank. That's exactly the reason why you have a carburator: you have to mix air and fuel to make it combust well. So if you move the bed and don't have to handle the tank itself: don't run it empty, but not so full that you're likely to spill a lot either. Don't do it in full sunlight with hot weather to minimize evaporation and definitely do it in a well ventilated area.
For what it's worth, you're not alone. Starting in '87, Ford had lots of problems with the sending units in the pickups. Sometimes replacement solved the problem, sometimes it didn't....
My '89 F-350 had the same problem with the front sending unit. After unbolting the bed and lifting it up on the drivers side, I was able to pull sending unit/fuel pump assembly from tank and found that the sending unit's float had a split where the float's holder was positioned causing it to fill with fuel. After opening up the hole to make sure I fixed the entire area, I set the float in the sun to allow the fuel vapors in float to evaporate. I ended up using a propane torch, a little solder and now it's as good as new. Just make sure you flush out the inside of the float with water before you use any type of heating to fix damaged area. I hope this helps.
I just fixed a no signal from my front tank problem. My problem was the float was sunk. It had a hole in it and filled with gas. I pulled the sending unit, poped the float, found the hole, soldered it and now, life is good.
I've also seen other senders used with floats made of a black, foam-like material. It's a real shame you can't find one in a wrecking yard, or somewhere, pulled from, say, a Tempo or something. It wouldn't take rocket science to adapt a truck sending unit. These simply had the wire arm pass through the float and bent 90 degrees to keep it from slipping off.