I joined a few weeks ago, as this site poped up on a google search I did on ranger Gas guages not reading correct. I found that the "ant-slosh" module could be a t fault, and sure enough, it resolved the issue with my 2000 Ranger. On mine, the guage would read 3/4 with the tank full, and right around 1/4 when empty (never ran it out of fuel; just would fill it when it reached 1/4). Other symptoms for this module did not quite fit my scenerio, but I figured it was a good try over droping the tank and replacing the float/sending unit.

Thanks to the great information on this site!