The SG estimates fuel usage by using the airflow sensors. Once calibrated, it can be pretty close, but not exact. You'll have to fill up, set the SG, burn through a tank, fill again, calibrate the SG, and repeat as necessary to get the SG to read gallons used as close as possible to the gallons need to fill.
It could work, but it would probably be easier to get a new gas gauge.
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