The only way to determine what's in the tank is a calibrated dipstick.........................
When I removed the tank on my MGB, I ran it to Empty, then confidently removed the drain plug. What came out must have been close to a gallon, and full of brown sludge and fragments of rust.
Hi Dave
A calibrated dipstick? Primitive and fool proof!

And certainly more accurate than the fuel gauge!
BTW, can you still buy Redex fuel additive from motor accessory shops? It might just be the solution to your sludge problems.