Is the car still 6v positive ground, or converted to 12v negative ground?
Still using the original gas gauge in the dash?
Is the battery grounded to the engine, and the body is grounded to the engine?
Is the sensor grounded to the tank and frame, or to the body? Grounding to the body often works better. It's a more direct path back to the battery with less connections to potentially be a problem.
Is there a chance you still have the original tank and Sensor?
The new replacement sensors usually have a variable resistor inside. The originals worked on current flow, thru a pair of heat sensitive on/off switch contacts. The original gauge & sensor are almost a matched pair. The new replacement gauge & sensor parts are electrically built more like the '57+ parts.
The electrical specs of the gauges & sensors were changed for '56 when Ford changed to a full 12 volt and again for '57 when they changed to using a dedicated voltage regulator/reducer for the gauges.
If the original '54 sensor from the rusty tank is still functional it has a good chance of being more accurate than the new replacement.
You might be able to get a better/more accurate gauge reading if you add a 10 ohm 10 watt(???) resistor inline from the gauge to the aftermarket sensor.
https://www.ctci.org/battery-for-6v-to-12v-conversion/
https://www.ctci.org/gilsgarage/battery-cables/
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