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My speedo reads 20% low. I have an 18 tooth driven gear, 3.36 rear gears, and 235-60-15 tires. It makes no sense. An 18 tooth gear is the smallest out there. Am I missing something? By the way, it's a '76 L-48 with a 4 speed.
I had a similar issue with my speedo.... was reading about 30% low.
Mine was fixed by restoring the speedo drive mechanism in the gauge.
I believe the standard factory calibration is 1000 rpm cable speed should read 60mph. Try attaching a drill (with a known drill speed) to the speedo cable (gearbox end) and see what your speedo displays.
The speedo mechanism may just need a bit of lubrication, or recalibration.
There are threads about this... Black Magic made a calculator you can use to see what you need. I tried it with your tire size and it says you need a 21 - if you have the large drive gear.
there is a 17 tooth gear... GM# 3987917 but I don't think it will get you there, you may have the wrong drive gear in the transmission.... a 7 tooth instead of an 8 tooth