Erratic gauges and stalling

'98 E350 5.4L is pegging hi on temp and oil pressure but van operates normally. After van has really warmed up and has been driven for awhile it will stall out and won't start again until it has cooled off. Vehicle is not overheating though. Been running with a low tank lately, someone mentioned fuel pumps overheating if not enough gas is in the tank. Never heard that one before. Any thoughts?