Well, the sender arrived yesterday. It had an interesting tidbit in the instructions about using it in 53-55 trucks. they supply fuel from the bottom of the tank and originally did not have a fuel line coming out of the sender. So I guess I have a pre-56 tank in my 56 which explains the threaded hole in the bottom and no fuel line coming through the sender.
I'll be replacing the sender in the next few days and I will block off the hole in the bottom. One less thing to worry about.
Thanks everyone!