Brad, see
the pics in this tech tipthe speed indication is magnetically driven by a spinning metal bell against a coiled spring, no rubber involved and it is "calibrated" by the driving gear in the trans and driven gear on the cable .... no old Bavarian tech in GM trucks

Bill
edit - I'll add that it sounds like your problem is the needle is "misplaced" on the pin, needs to be [carefully] moved up so it starts moving as soon as the vehicle starts moving