Maybe, but how would the float get launched up there? It sounds more like an electrical issue to me. If the yel/wht wire between the gauge and sending unit were shorted to ground, or if the sending unit coil was somehow shorted out, you would get the results you're describing. I'm not sure exactly how the gauge itself works, but maybe a bad ground or power source there could cause the problem?
I would try disconnecting the sender for a while. If the problem comes back, you know it's not the sender causing it. There's an access plate under the cargo bin - The sender is directly under the plate. The fuel pump wiring also runs through that plate, so you'll have to unscrew it and unplug the electrical connector from the sender itself. You won't have a functioning gauge with the sender disconnected, so keep the tank topped up.