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Oxford Guy,
Years ago I rebuilt a Muncie 4 speed transmission. I was not careful when I reinstalled the speedometer drive gear and pushed it too far down the tailshaft. I had exactly the problem you are describing. The drive gear SHOULD be centered on the hole. If it's possible to pull the tailshaft housing off while the trans is in the car, it could be an easy fix. Most Cobra's don't have room for that, though.
Or, you could buy an electronic speedometer and drive a sensor with two magnets on the u-joint?
Paul
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