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It may be the original gas tank, but I would bet the sending unit has been replaced at some point. The other seniaro is that if it's the original sending unit, it needs to be rebuilt.
I finally pulled 1979 date code redline tires off my 67 GTX in December of 2000. They show no sign of dryrot or any kind of deterioration. The fronts were beginning to show some wear on the inside. I did lower control arm bushings, 4 wheel brake job and new tires at that time. I trust bias ply...
The OP is wanting to get information about a 67 GTX, no clarification needed, my .02 cents. See my post #23 for futher education, it all pertains to 66-67 B bodies. One can't lump 55-74 cars together and get a definitive answer.
Yes it's a light and the oil sending unit is a switch. Turn on the ignition and the light comes on. Start the engine and the oil pressure turns off the switch. So 12V and ground are all that's involved in that circuit, not any voltage limiter. Your temperature and fuel gauges are resistor type...
Water temperature gauge and fuel gauge are working off the voltage limiter in 66-67's, oil pressure is just a light and a separate circuit. OP says temperature gauge is working, so voltage limiter is good. 90 plus percent of the time fuel gauge problems are sending unit related.
The voltage limiter controls both the temperature and fuel gauge in 1967. If the temperature gauge is working and the fuel gauge is not, it's not the voltage limiter. As stated above test the fuel gauge.