All of my gauges fuel, temp, oil, show a low reading, the needles go up 1/8" then stay there. Could the cluster regulator you refer to be the issue ?
This is why all the information you can provide is more helpful than not.
Yes, it can definitely be, and most likely is, something related to the regulator or it's power circuit.
When all three gauges act up equally, it's almost always on the common shared power side of all three and not the three individual sensors.
Sure, over time all sensors can fail and cause similar issues, but it's rarer than the IVR failing.
Or needing adjustment.
Or needing it's power source checked.
Make sure that full battery voltage is reaching it first. If so, measure the output.
Also check the condition of the power connections as they may have become corroded over the years. Ford did a good job of making it's wire terminations and splices, but age will convert just about anything given the right circumstances.
Most IVR's are adjustable to a certain extent. Yours is reading pretty low, so hard to say if it will be adjustable enough to compensate. You may end up needing a new one.
But even the new electronic ones need adjustment now and then. We got a "bad" batch a few years ago that read about 3v output, instead of the 5 to 6 volts it should have been. I was able to tweak the little adjuster screw until each one read properly and they were good.
I even had to adjust my original factory regulator one time in about '79 or so. Noticed that all the gauges were reading just a tiny bit low, compared to when I'd bought it just a few years before. Worked fine without further adjustments for the next 30 years or so.
Paul