I seem to have a similar issue in a 2003 M20R I'm working on. The MP reads around 3.0" with the master on, but engine stopped. The gauge does move with changes in pressure applied to the manifold line, but not to a reading that one would expect. (from -6.0 to +5.5) Also- when the transducer gets unplugged from it's cannon plug, the gauge skyrockets- up to over 100"... That being said, I'm thinking that it's the pressure transducer, but not 100% sure that it's not the gauge, either.
This part is no longer stocked- anywhere, it appears- and to order it from Mooney requires 90 days lead time and $2500. The original part is an Ametek, p/n SP100-110-25A. The new part number from Mooney has been changed to SP100-110-106A. I've got an AOG, and need a better solution if anyone can help.
The Omegadyne kit as mentioned previously in this thread is unknown to Mooney-
If anyone has any insight, it would be much appreciated.