Hello Everyone,
Let me introduce myself then....I'm Mark. Thank you to everyone on MooneySpace that has taken the time to post. It's now my turn. Here is how I fixed my fuel pressure transducer in my 1984 M20J. My plane originally used the expensive Rochester fuel pressure system which included the transducer and the fuel gage. Replace the fuel pressure gage and the transducer with parts from a 1979 model M20J. The fuel pressure gage fits perfect. The new setup will only use 2 of the 3 wires that are currently being used. Since the parts where originally designed for the M20J model...it's completely legal, so I've been told.
Fuel Gage from 1979 Mooney M20J Mooney Part No: 640281-131 when I got mine it was $236
Fuel Pressure transducer 1979 M20J Mooney Part No: 880007-501 this part is really a Mitchell fuel transducer MIT PS-211-9000 $35 from Chief.
My fuel pressure would always drop when I was over the mountains. I have been told that all the Rochester fuel transducers of this type will eventually fail because of a manufacturing defect. This fix can also be used on the oil pressure system as it to uses Rochester senders and gages. I don't have those part numbers though. You should be able to fix this pesky problem for less then $500.