I took her for a ride today. It seems like the tach is registering correctly, but it takes a minute or so for the needle to get up to the correct position. I pulled in the clutch from 4500 RPM's and it took about 30 seconds to get down below 2000! When we stopped, I shut off the bike, got off, removed my helmet and then notices that the tach was still coming down. It was the quietest 1000 RPM's I've ever heard!
I came to the same conclusion that it needs to be lubed. I will have to pull it off the bike and try the above suggestions. This would also be a great time to replace the faces if I do end up disassembling the tachometer. Has anyone ever seen replacements for the 550?