Sam - I'm glad its not just me. And now I'm doubly angry at myself for throwing away my old sending unit before testing it...I just can't make sense how the old sender had the +12v wire hooked up and it worked just fine for years.
Scott Danforth - thanks for the input. I did like you said and swapped the pink/black wire, since it appears not to be pole sensitive. So now my pink wire goes to the pink on the sender, my black goes directly to ground and my bonding wire is hooked back up.
I guess the moral of the story here is I should've come to the iboats forum first instead of calling support for the company that manufactures the damn things. Whooda thunk they would've made things 100 times more confusing? Well, this will just have to be left as one of life's mysteries...I'll leave it to the eventual next owner to curse the PO/me for having the sending wires all hacked up and trying to make sense of why its hooked up like it is.
Works like a champ...thanks all!