to measure level in the tank there are no of options: differential pressure,ultrasonic,radar,capacitance,conductivity,sightglass,bubbler,floats,switches etc
for a pressure transducer the theory is that the pressure measured is equal to the liquid height above the transmitter multiplied by its specific gravity. There are 2 options differential pressure transmitter with a connection at the top and bottom of the tank if the tank is closed at the top,one side of the transmitter(high) is flanged/pipped on to the bottom of the tank while the other(low) is just pipped to the top.
gauge pressure where the tank is open to atmosphere and you dont have to worry about vessel pressure and you only have a connection at the bottom of the tank
Most instruments give back a 4 to 20ma signal. if not, its easy to fit a converter, pepperl & fuchs are a fairly common panel mounted type. issues for pressure tx include dirt in the tubing which can cause errors (its the small bore impulse tubing). Also you only measure from where the tx is located if the tx is mounted above or below the bottom of the tank you will have to adjust your zero pt .
The ultrasonic is non invasive reliable and accurate but needs a clear path to the surface also if there is a lot of vibration it can give false readings,also you have to allow a certain distance from the meter as it needs space to allow the signal to transmit, bounce, and then return before the next is sent
i would check out the rosemount site if i were you asit has a couple of good docs to show options and to explain them. (Rosemount are very good, reliable,accurate, easy to use instruments but they are expensive enough)