We where removing the big plastic tube that goes in the gas tank. and at the very end there is a small foam piece, it broke off, it is also magnetic, how bad is that? and do I need to replace and or fix it?
That float has magnets in it that will communicate with the circuit board and then tell your gauge what the fuel level is in your tank. As long as it still float in gas, and as long as the magnets are still in tact and clean, it should work fine. You can find these for cheap on Ebay if you want to replace it.
The floats magnet is toward the bottom of the bafel. Check the wires ohms
while you hold the bafel and as you tilt the bafel, the float will slide and you
must see the ohms reading change. On the board inside the bafel is electronic
circuits and they read the magnets position. The board has an F1 fuse that
when your board don't read, you can remove and bypass with a solid solder.
There are STICKY's here that go into detail.
I say just replace it so ya don't have problems later. Cleaning it and putting it back in just going to buy you a little more time then you will be back where you are now trying to fix it again. I just got mine fixed with a new cinder and baffle thanks to this forum.