You can start by checking the ground wire at the tank sending unit then the snaps on the ICVR on the back of the instrument panel for a good connection and or any corrosion.
http://cgi.ebay.com/ebaymotors/Ford-F-150-1979-/281119996152?pt=US_Cars_Trucks&hash=item41740eb8f8Is it just me or is this truck ridiculously over priced?