Thanks for the responses. They kind of point to what I suspected that the stock gage/wheel reads higher than actual speed. I'm a stickler for things being accurate (especially gages) so I'll use a GPS to verify the error.
That's a huge waste of time. The unit was designed to be inaccurate when new, you aren't going to fix that without replacing it or re-engineering it completely. You are better off just getting something like a new electronic speedo that you can calibrate and dressing it up to look like the old gauge than you are trying to get the stock one to read correct.
Another option, if you can find it, is to find the speedo from a police model. They are rare, look nothing like the stock speedo, and I think they even mount differently, but they are a calibrated speedometer that can be used for speed enforcement. There were very few police models made and the last one I saw sell was a couple years ago for $600, but they are out there.
I don't suppose there are different pinion gears for the speedo pick up in the front axle to make adjustments are there?
No there are not. Since you mentioned the speedo drive, one of the reasons for further inaccuracy is they are basically a sealed bearing, but the grease inside them gets old and stiff and puts resistance on the drive. Sometimes they even wear out of tolerance.
Honestly, you are trying to solve for a problem that really isn't crying for a solution. Almost Every civilian vehicle made has a speedometer that reads fast. If you really need to have your speed be "accurate" a supplemental gps speedometer or a bicycle speedometer with magnetic pickups on the wheel will tell you how fast you are going.