Fuel gauge starts working after 22 years?!

One of those things I never got around to fixing. Fuel gauge wasn't working when bought my '69 'Runner back in '96. Got used to it over the years. Checked for grounds which seemed ok and figured must be something with the pickup/float.
Went to fire it up after sitting through this hard Victoria winter and no go...WTF. Turns out I parked it just as it ran out of gas..duh!
Pour in 5 gallons and low and behold the gauge registers 1/4 tank! What I figured is the float may have been stuck registering empty all these years and for some reason after truly being empty a few months it now frees itself up once filled? I dunno.
Maybe the float will sink to the bottom after a while. Guess I'll have to get off the couch and change the whole pick up unit then. Not looking forward to that.
Thoughts/suggestions?
Cheers
Geoff
Victoria,BC.

your going to end up pulling the unit.  When the float was allowed to dry out during the winter and become buoyant again its just a matter of time that it will sink.

Thats what I'm thinking also.
Thanks

Longbranch, what colour is your RR? I`m thinking what Mikes thinking too i had a similar issue in the Dart

It's B5 blue, American-Racing 5 spokes. I usually make the Ogden point car night Saturdays.
What colours your Dart?
Geoff

Mines yellow/ black top. I hardly ever make it down there early and by the time I cruise down its damn full, last time there I parked on the road-hated that. It will be nice this year with the Ogden point / Canadian tire at Broadmead cruise. I go to Broadmead CT on Wednesdays except on car club meeting night which is the 3rd wednesday of the month.