Simple troubleshooting...
"Ok I have two problems, which maybe related, but I doubt it. First when I intially crank the car, it won't always start the first time I bump the key.It just kind of coughs and kills before it ever gets going. Ok that is one, the second is my fuel guage went out, and my check engine light came on at the same time. What is up with that?"
A simple troubleshooting would be to replace the fuel filter first. It's cheap and easy to install. There is a technical article on this site that tells you how to replace the fuel filter.
After replacing the fuel filter, disconnect your battery wires, the positive and negative cables to reset your computer on your stang. Leave it off for a minute or two.
Reinstall and try starting the car. Hopefully that fixes the problem.
When was the last time a tune up was done on your car?
Other folks might have better answers. Just wait for replies.
Good luck and hope to get your pony up to speed. :shocked: :gringreen