Seat:
One track has the locking mechanism, the other is just along for the ride. The locking mechanism is secured by a spring. If the spring is missing or broken, it won't lock. Pull the seat as above and check the slider, lock and spring. Lube and repair as needed.
Gas guage:
Could be electrical, could be mechanical. If the brass float in the sender is leaking, the guage will work a little, but will mostly show empty. The float and seals are available from most of the MII parts suppliers...they actually cross to other year Mustangs. If its electrical, then you need to do standard sorts of troubleshooting (check fuses, check for voltage at the guage, pull the sender and check for continuity). In either case, the tank will need to be drained and the sender removed.
I highly recommend pulling the sender to replace the float and pickup sock (filter) in any case. A 30 year old car will have a lot of crud and rust in the gas tank. Eastwood Restoration sells a decent gas tank restoration kit if your tank is still solid.
List of MII parts vendors:
Mustang II Network - Parts and Service Information - Main Page
Let us know what you find.