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I'm doing a complete interior refurb on my 72 coupe. Currently everything is out of the car, including dash, consoles, steering column, heater/AC box etc. This gives me a chance to replace things that are typically very hard to get to once everything is reinstalled. I'm currently deep into the wiring harness and debating what to do with the various relays, buzzers, and air vacuum actuators. Right now they are all working, and I don't want to replace things unnecessarily but conversely I'd really hate to have a relay or other part fail that requires a lot of removal to get to. I'm going to replace the heater core for that reason while it is out. What I'm interested in is any opinions you have on parts such as relays and other things under the dash / console areas that are prone to failure and make sense to swap out while I have good access.
I would start with replacing the light bulbs in the dash. And determine if you are going LED or not. If you are going with LEDs in the rest of the car, you need a different flasher. And as you reassemble all the wiring, make sure you have clean tight ground screws wherever there is a ground. Maybe even add and extra one or two.
I agree with changing the cluster lamps. I didnt go with LED's. You certainly could, I got nothing against anyone that does. I tried them but they look unnatural to me and some of them were way too bright. None of them are dimmable. The original bulbs in my 73 were GE1893. I replaced them with GE1816 which are incandescent bulbs that are about 20% brighter. I think your 72 has the same GE1893. For the indicator lamps, directionals, seat belt, high beam etc I did use LED's for those since they dont use the dimmer.
With your speedometer out of the car, this is the perfect time to pull your speedo cable out of it's casing; wipe it clean of any old lube; spray brake clean through the casing to flush that out (you've had to disconnect it from the tranny to pull the cable; have a drain pan at the bottom to catch the gunk); then re-lube and reinstall the cable into the casing.
I've found tthat in many cases, the aftermarket parts are inferior to the as-assembled OEM parts. So, I would be hesitant to repalce parts that are currently working.
With your speedometer out of the car, this is the perfect time to pull your speedo cable out of it's casing; wipe it clean of any old lube; spray brake clean through the casing to flush that out (you've had to disconnect it from the tranny to pull the cable; have a drain pan at the bottom to catch the gunk); then re-lube and reinstall the cable into the casing.
The previous owner had fitted the wrong speedo cable. The 72 uses a cable that screws in at the tranny end and behind the speedo its held in with clip. The PO had used a cable with screw in on both ends, so I have fitted a new cable. Also used this as a chance to replace the face plates on the speedo / tacho, clean and repaint the various tunnels, bezels and backing plates. Looks like a new cluster. Did the same treatment on the center gauges.