Theoretically, yes. The problem is that there may not be enough room to use something as tall as the sender unit. The plug is a press fit and can be removed and the bushing for a temperature sending unit can be installed.
To pull the plug, I think you have to drill and tap a hole and use a puller. I've pulled the bushing out of the left side to install the correct sending unit on my Tbird. Casco (the TBird parts supplier) has a tool to remove the bushing, although a tool should be fairly easy to make.
On my 312 powered 54, I used the stock gauge. They can be calibrated, there is a procedure that some one else here may know how to do. I just got my car up to running temperature, checked the actual temp with a thermometer in the radiator, compared it to the gauge so at that point on the gauge I know what the temp is.
There is an old saying when it comes to operating temperature - if its not boiling over, leave it alone.
54 Victoria 312; 48 Ford Conv 302, 56 Bird 312
Forever Ford
Midland Park, NJ