The fuel gauge is a different unit all together. If someone wanted to, they could adjust the float so it was close to accurate, but what would the point really be? It's a small gauge with thick lines & a fat needle... looks to be designed by Fisher-Price. Remember, any error in the Odometer system will affect your calculations as well as that of the computer, so this error is not pertinent in this discussion.
The calculation isn't based on when it's empty, full, 3/4, 1/2 or otherwise; it's how much gas is used over the distance traveled. So what the gauge reads also has no real importance to this issue. I'd bet that you are right that the reading that tells us "*** miles to empty" comes directly from the fuel level float. I happen to know in my KJ, I can go about 16 miles past zero, before I'm at zero. #-o
I cannot find in the service manual where the EVIC gets it's average & instant MPG calculation from, but it makes no sense that this comes from the float. First, the engine management computer knows exactly how much fuel it is sending to the engine. Giving that info to the EVIC would be a simple thing to do, It's already designed to give that info to an interrogating computer, why not utilize it? The instant MPG is evidence that the EVIC gets that info from the engine management system. the float in the tank simply cannot tell you if you are getting 15.5 MPG this second & 22.3 the next. The engine management computer can.
Therefore, I still believe the EVIC is more accurate based on the points I listed above.