The bugeye should have the early gauge system without the voltage stabilizer. Therefore, the sending unit will range from somewhere between 0-10 Ohms when empty and 70-80 Ohms when full. You can connect a multimeter between the green/black wire sending unit terminal and earth and hopefully use a coat-hanger through the tank filler neck to lift/lower the float to see that the sending unit operates in this range.
I've not worked on a bugeye so I don't know how difficult it is for you to access the wires on the sending unit. I also don't know if there are two wires or just one on the sending unit itself. Regardless, there will be a green/black wire which goes from the sending unit to the gauge. The gauge terminal where this wire connects will be marked with a "T". If the sending unit has a second wire, it will be black and it will be an earth connection.
If with the ignition switch in the run position you unplug the green/black wire either at the gauge or the sending unit, the gauge should go to "full". If you leave the green/black wire connected at the gauge but connect the sending unit end of the wire to an earth point, the gauge should read empty.
The early gauge systems without the voltage stabilizer require that the gauge case have a good earth connection. If you are experiencing gauge problems always check the wire connections and earth connections (including at the gauge itself) before spending money on new parts.