Here is a Stovebolt Tech Tip that explains how to oil the speedo, similar to Tiny's description.
Note the little brass cap at the base of the threads. Read about removing it and lubing the speedo in th section titled
"Starting back at the base of the speedometer assembly" in ...
> Jeff Erickson's Tech TipMy speedo made an "Erk, Erk, Erk" sound at low speeds. I pulled the speedo and followed the oiling instructions in the Tech Tip. No more "Erk, Erk, Erk." I believe that I used SAE 20 3-in-One oil in the blue can.
- Lonnie