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My thought is this may be electrical in nature. I would test with an external guage. If your engines have points, make certain they are in good condition. I suggest considering upgrading ignition to electronic, but that has nothing to do with this event, necessarily. Points are just always out, slightly.
Another test, before anything, may be to reverse the inputs on the Floscan and see if the problem moves or stays. If the problem moves, the starboard ignition is suspect. If the problem does not move, the Floscan may need repair. Make sure that you have tight and clean connections and good grounds.
Assuming that you checked alternator voltage at the alternator itself, this would indicate that you have a bad guage or bad connections elsewhere. Start by pulling the dash panel out and measuring the voltage behind the guage. If the voltage is 14 or so then you have a bad guage. If the voltage is low, check around in other locations behind the panel to see if you can find better voltage there. If not, you need to start tracing the charge circuit to find out where you are loosing voltage. You may have a bad engine ground.
I'm having the exact same problem. I spoke with the service manager at Faria (Ted) and he was thinking that as long as the gauge is showing a reading, it should default to reading the depth. I'll probably send the guage in to FARIA - they'll repair it for $55. You bring up a good point - maybe the transducer is bad? I put a call in to the Tedmeister to see what he thinks. I'll post if he sheds any light.