I had the same problem with my 89 300 TE. It was initially diagnosed as a bad fuel pump, but that did not solve the problem. They then looked at the fuel tank and discovered that the problem was there. I think it had something to do with the baffle, but because some parts were not available individually, the entire tank was replaced. I'm only on my fourth tank since the repair, but I can now drive until the reserve light comes on without any problems.
89 300 TE
97 E420 thats jealous of all the $ being spent on the TE so it decides to light up its ASR and ABS warning lights on the SAME DAY I pick up the TE from the shop!