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Bought a new 24v fuel gauge from one of the Pinzgauer parts guys in Austria. Got a new sending unit (24V) from SAV. Have about 1/2 tank of fuel.

Hook it up and get a constant full tank reading.

My new fuel gauge has four connections. +, G, down arrow and then the bulb. I am connecting power (black) to the +, and a new ground wire from the sending unit to the G and the brown lamp wires to the bulb.

Any idea what I am supposed to connect to the down arrow connector?

I believe the G terminal on the gauge should go to the ground terminal on the sender ( the terminal you are not currently using) and then also to a good clean ground on the Pinz.
The down arrow terminal on the gauge should go to the sender terminal with the nut that you now have connected to ground.

G is the sender unit connection.
+ is power
the lamp goes to its connection

the last connection is for ground

The fuel gauge works by measuring the difference between the resistance to ground (the contact you need) and the resistance to ground through the sending unit's variable resistor which changes with the fuel level. Resistance near 0 ohms = full and greatest resistance, near 90 ohms = empty.