Found out on another site http://www.fileoffset.com/bmw/e34_sender_unit.php that you unclip the tube (which is spring loaded) and the innards will slide out. Very similar design with respect to opening up the sender.
Don't know why this did not happen the first time but when I unclipped it, the second time it just slid out. I cleaned the three wires using electronic contact cleaner and a medical q-tip. Got a little bit of brown off the wires. Sprayed the float contacts and tried to clean their contact surfaces the best I could with the wires in place. This design is much easier to work on then the old style. All I did was remove the sender and left the fuel pump in the tank.
Make sure the spring is in its proper place before reassembly.
I was wrong about the tang and nut. You need to work from the other end and pry out the clips to remove the tube
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