I have a similar problem with my '00 4Runner. The gauge will come off the "FULL" quickly and the low fuel light comes on with about 5 gallons still in the tank.
I found in TSB (Toyota Service Bulletin) # EL010-00, titled Fuel Gauge Inaccuracy, the solution to this problem. Affects '99 & '00 4Runners.
It would appear that the problem is a faulty Combination Meter plate #3 (located in the dash behind the gauge cluster) and/or a Fuel Sender/Suction tube assembly (located in the fuel tank).
There is an "Affected VIN Ranges" chart that will determine if you need to replace both assemblies or just the Fuel Sender and Suction Tube Assemblies.
I won't list the VIN ranges here, but if you want a copy of the TSB e-mail me and I'll send it to you.
*Important Note to all those DIY guys out there. The replacement of the No. 3 Circuit Plate will cause the odometer to be reset to zero. These parts must be ordered directly from the vendor. What with odometer tampering laws, I doubt that you can order this part and install it yourself. The TSB states that to order a part with the original vehicle mileage restored to reference a P.A.N.T. Bulletin 00-01.
There is also a TSB #EL010-99 that has the procedure for calibrating the fuel gauge.
This is for 1999 & 2000 model year 4Runners.
1. After replacing the meter circuit plate or inclination sensor, move the vehicle to a level location. (A surface with an inclination no greater than +- 0.5" is the target flatness)
2. With the ignition switch in the "OFF" position, press and hold the trip reset button.
3. Continue pressing the trip reset button while turning the ignition switch to the "ON" position.
4. Within 5 seconds of turning the ignition switch "ON", release the trip switch, press the trip switch 3 times, and on the third press hold the switch for 5 seconds. The buzzer will sound for 1 second at 800Hz.
5. After the buzzer stops, release the trip switch.
6. Press the trip switch one more time and hold for 5 seconds. Once more, the buzzer will sound for 1 second at 800 Hz.
7. The calibration process is completed.
Note: If in the operation of step 6, the buzzersounds higher than that of step 5, turn the ignition switch to "OFF" position and repeat the setting procedure from step 2.
I tries this out on my Runner with no luck. I'm not sure what the parts cost for these repairs but the labor times are 0.4 hrs. for the Combination Plate No. 3 and 0.7 hrs for the Fuel Sender/ Suction Tube Assemblies.
I wish the original owner of my 4Runner would have got this fixed when it was still under warrenty. But I digress.
Hope this helps anyone that has this issus with their '99 & '00 4Runner.
Ebola888