Be sure to complete the diagnostics before spending $$$ replacing parts. That said, it sounds like the sending unit to me too. We drove our '05 Envoy a long time trusting the odometer to let us know when it was time to fill up.
I replaced the sending unit 4 or 5 years ago and it's worked fine since. Yours has a lot more miles than ours did at the time. With 200k miles, I'd change the pump too when I had the tank out.
That said, I now have an UltraGauge in the Envoy, and I wouldn't have any problem trusting it to let me know how much gas is left in the tank. The install was a heck of a lot easier than dropping the tank.