318 Running Really Hot

did it run hot before the sender failed ? I asked because this isn't making sense to me. maybe you got faulty sender. If you have a ohms meter... 80 ohms is no needle movement 32 to 34 ohms is 180 to 190 degrees and where most thermostats begin to operate 10 ohms is 250 degrees.

My gauge is Reading 75 Ohms when hot (Hot being C--------'--H) , 71.5 after sitting for 45 Min Its Now Reading C-----'-----H

The thermostat I put in starts at 160F to open its a early one