I don't know if you plan to get the boiler 'certified' Mick – but the Orange Book guidance in this area is fairly simple…
" 6.7 Water level gauges shall be so constructed, mounted, or adapted such that the lowest water level visible in the gauge glass indicates that the level of water is above the firebox crown sheet. "
So if I understand your problem correctly then your current gauge (although not ideal from your point view) does seem to meet the essential point of this criteria (albeit it's a vertical boiler). Speaking personally, I would be more concerned about using a 'float' because of the possibility of it sticking. However, this is one of those issues that is somewhat subject to inspectors 'discretion'.
So if you need (for Insurance or Club reasons) to have the boiler checked, then (as always) it's best to ask your Boiler Inspector for his views.
Regards,
IanT