Not much expertise, but I did intall 2 GFS-10'S on my Garmin N2K network including a 740s and I did muck it up bigtime, and without exploding the boat, but now it all works great.
If the 740s shows the GFS10 and some fuel use (even if 0), at idle on muff on the trailer, I'd say STOP.
My advice is forget connecting the old analog floating-arm primitive rheostat tank sensor...it's still just a primitive float rheostat and converting that to a wildly fluctuating DIGITAL number is not an improvement. The improvement is in the GFS-10 micro paddlewheels dutifully measuring every ounce of fuel passing by, regardless of wave action, rolling, pitching, etc that makes your old analog gauges bounce all over the gauge. WITHOUT the analog level sensor (which is likely a pink wire at the top of your gas tank and likely connected to the white gas gauge "u" wire later) you'll STILL get the EXACT fuel used and, with GPS speed input, the exact GPH. GPH won't be accurate at idle speeds since most modern outboards at idle pull fuel into a VST tank then run off that for a while, and the Garmin paddlewheel is in a position before the engine fuel pump so it can't know that. But idle fuel consumption is nothing compared to cruise so who cares.
Converting a primitive analog inaccurate input into a precise digital number on a digital gauge just doesn't make sense to me, whether in avionics or boating or computing. I like my analog gas gauges, and I won't get rid of them, but I see NO use in converting them to faux-digital 2-quart faux accuracy on a digital monitor. The paddlewheel-measured GPH and MPG is REAL digital accuracy and I love it. It won't know when you add gas or how much (even if you connect it to your fuel gauge) so you input that. No big deal.
I admit again that in doing this project I blew some really buried fuses because I assumed that Yellow wires were 12V neg IAW ABYC standards, but in YamaWorld Yellow is 12v IGN-ON POS. Your gauge Grey wires are likely Ign-On + (you don't want the gas gauges consuming power when the ignition is OFF). My WAG is that the gray wire 'packet' is a fuse rather than a resistor...it has to have a fuse somewhere. Mine were in godawful harness behind the water heater, and to access it I had to remove the water heater, so you're golden.
Per Garmin instructions, if you do not connect the GFS10 to a fuel gauge, connect the brown wire to ground and leave the grey wire unconnected and also the orange wire if you didn't build a N2K network. Good Luck!
John