It seems as though the computer figures Range by your recent driving style. When I drive it easy a while before filling up, I see the range from 450-500 miles. If I drive it hard for a while and then fill up, I've seen as low as 350 miles. For this reason, I don't trust it.
As far as fuel acting as a cooling agent for the pump, I don't know how true that is. In my experience, I've replaced fuel pumps that sit at the top of the tank. Not sure of the placement of the pump on the Z, so I can't be completely sure, but in other vehicles, fuel was not intended to help keep the fuel pump cool. Just my 2 cents.
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