Hey Guys with Magnum Air Gap
An inexpensive electrical sender gauge would put this problem to bed. Something like this Autometer would work just fine. It uses a 1/8 npt sensor.
http://m.summitracing.com/parts/atm-1436
If you're looking to not spend quite as much there's a Stuart Warner gauge that's available for $20, but the description doesn't say whether or not the sender is 1/8 npt. I'm thinking it is, but didn't want to post a link for it without knowing for sure. If you'd like to look into it, here is the Summit link.
http://m.summitracing.com/parts/sww-122272