5V conversion help needed
I've also built a few of these and produced a "How To Guide" as well, here's a few photos which might help.
It seems to me that you are still supplying 12v to the gauge/regulator and have not totally isolated the 12v supply from the printed circuit. Photos are showing 1964 Dodge Dart instruments, with the regulator built into the fuel gauge.
On yours, I interpret the pin with the red coloured wire as the former 12v feed to the gauge, cut that pin off so you are guaranteed not feeding the gauge 12v...
Then, insulate the casing to prevent electrical contact...
Now, insert brass bolt from inside of circuit board and connect brass spade terminals externally (as shown) to create a 12v supply to your NEW regulator, completely independent of the gauge...
Then, connect your regulator (I eventually housed mine in a headlight relay can) and conduct a test...
Also, feel free to email me and i can send you a fifteen page PDF copy of the "How To Guide"...