[MMunger]

I recently acquired a restored 70 T/A. Working back through prior owners info, it seems it was done about 18 years ago and only had 550 miles on it since.
Since getting it about a month ago I have put on about 125 additional miles.
The issue is I have now ran it out of gas twice.

When the car arrived the gauge was very close to empty. I drove it to a close gas station and it only took about six gallons, and the gauge then showed full. From this my first thought was the in tank float was not accurate.

Since I knew the car was full I drove it a few times over the next week or so and it ran out of gas at about 60 miles. This time the gauge showed about 2/3 full.
Luckily I was right next to a gas station when it started to starve for fuel and I nursed it in. Again, it was full with a little over six gallons.

Over the next week or so I drove it a little, but didn't think that much. I took it to meet some buddies for dinner near my house, and again pulling into the parking lot it started to starve for fuel. I got it parked in the parking lot and had a buddy bring me five gallons to put in the car. It started right up and I drove it straight to a near by gas station. Again to fill it up, it only took about two additional gallons (again about 6-7 total) and the gauge shows full.

My first thought is the fuel pick up in the tank has a hole in it and it starts sucking air instead of fuel when the level in the tank gets below that.
This is my speculation, but not having an F-Body prior to this not sure if this is possible or may be something else.

Thoughts or input?

Mike