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New types work from a rheostat variable resistor but the old ones were made by King Seeley and work off of varable current pulse principle much like the voltage regulator in the old vibrator type 3-pole regulators. When current is what operates a unit, it's in a whole different ball park than when the resistance is variable. No one makes a variable resistance sender that is calibrated to a variable current indicator. It could be done but the scales are pretty different between the two so no one takes the time to engineer one correctly.
Changing voltage of the system changes the current draw so a person needs a King Seeley 12-volt use sending unit from 1956 or later or change the indicator to a 12-volt unit depending on which way it's being modified. Those current chopper type voltage regulators work for some applications but not all. Some of them aren't the pulse type but use a modern solid state three pin voltage regulator. The Runtz units are solid state but a person needs one for each changed indicator system ie water temp, oil pressure, and fuel quantity if the vehicle has all three in King Seeley types. They just drop the voltage to 6-volts or so.