I don't see why these gauges would need regulated power other than the chassis power that is already regulated. If there is a regulator, it isn't indicated in any of the schematics.
From what you can see in the picture, I can't see how this "switch" device would function as a VR. It seems more likely to be some way of adjusting the full scale swing of the meter.
What side of the "switch" is the center post connected to? Can't really see this well in the pictures.
When the switch is closed, it sends the power to the top-middle post, which in turn powers both the fuel guage coil and the temp guage coil, I don't see how it could act as an adjustment at all. Either the two guages have power (via the switch) or they do not, nothing in between that I can see??
Here is a better pic of the inside:

And a pic with my awesome details:

