These gauges are by nature not very accurate. You might improve things somewhat by bending the float arm so the float sits lower in the tank.
I had similar behavior on my '37. I determined that the old cork was so saturated with gas that it did not float until it was fully submerged. So I installed a new cork float.
It worked great - for about 2 weeks until the cork got saturated again. So I "re-calibrated" my interpretation of the gauge. I knew that a full tank would read under full. When the gauge hit empty i knew I needed to head to a gas station.
Cork does not like today's gasolines due to the additives, even non-ethanol gas. I know that some people on this forum have adapted a brass float with good results. If I had kept my car I was going to try that.