Sb, As TR said as you are working with the early BMW's you are basicly starting from scratch. You'll need to create a electrical circuit whether you are going to install a "Low fuel" light or a gauge. I would weigh the cost benefit ratio with care. You will need to make a way of installing the send device and if that requires welding (there's nothing we like to weld on more than used fuel tanks; serious fun) and most often it'll include repainting the tank. This is unless you are lucky and everything you are installing mates up with everywhere you are installing it into.
Making a sight glass style gauge as TR has said would be kinda cool and not often done but totally old school and at least the bits wont be expensive.
Cheers