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You should be able to remove the cable form the Cruise control transducer to the speedomerter, AT the transducer, and turn it by hand. If the speedometer moves -- then it is the lower cable or the gear in the transmission. If the last transducer froze, it would have ruined either the cable or the gear -- both relatively easy fixes.
With wear, age, and rubbing on the inside of the cable sheath, the cable can bind and cause the engagement recess in the speedo drive gear (in the transmission) to enlarge so that the cable no longer can turn. I would guess that this gear needed replacement, also.