Bingo - the sensor on the rear diff is both the rear channel ABS sensor *and* the speedometer input. With it flaking out, ABS is confused and the speedometer freaks out.
The wires flex and bend with every bump and bend, if they are broken or frayed it should be fairly evident when you look at it. If the wires look good, maybe try replacing the sensor. Since it reads the nice oily and clean rear diff carrier, it doesn't suffer from the rust particle contamination that can knock front sensors temporarily out of commission (until you brush the dust off the magnet). If you pull the sensor out of the rear axle and it's got a knot of metal flakes stuck to it, then your diff is probably about to self destruct anyhow. But it's most likely the wires leading to the sensor.
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'63 PV544 rat rod, '93 Classic #1141 245 (now w/16V turbo)
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