Hi Slider,
I have a sneaking suspicion that you may have a std 3.9:1 rear axle and a red speedo gear for a lower ratio axle. IIRC from Grinnal's brochure, 3,750 rpm with a 3:08.1 rear axle should equate to ~100mph. With a red speedo gear fitted to a std 3.9 rear axle a std speedo would overead by approx 10%.
When I first converted my 7 to a V8 I ran it for a while with the std 3.9:1 rear axle. 1st gear became useless and the remaining gears were far too close together. 5th gear felt like 3rd in the pre-modified car but at least the speedo read correctly.
When I changed the rear axle to TR8 3.08:1 the speedo under read by ~21%. As a very rough guide an indicated 30mph = 40. 60mph = 80
The black (23 tooth)gear at the gearbox end of the speedo cable needed changing. The nearest generally available gear was the red (22 tooth) one which was fitted but the speedo still under read by ~10%. I didn't find out until I stormed past most cars on the M4 at an indicated 70mph. It was closer to 80mph. In the end the guys on the forum here advised that the hard to find orange (20 tooth) gear was the necessary one for a correct speedo reading. What's more Howard on the forum had one for sale and was relatively local - Top Man. (If I'd had the original TR8 gearbox and axle the different gearbox ouput worm would have suited the red gear)
So the orange gear works for my speedo but I'm unaware if there's anymore of them out there. The best option may be a recalibration of the speedo as recommended by Robsport etc.
Page 40 of the Roger Williams How to Improve your TR7/8 shows the various gears for different combinations.
Personally, I'd like to try out a 2.84:1 rear axle on my V8 as I think it could do with a taller ratio and has more than enough torque to cope in the lower gears.
Adam
TR7 V8 DHC Jaguar Solent Blue. 9.35cr Range Rover V8, Holley 390cfm, JWR Dual Port, 214 Cam, Lumention, Tubular Manifolds, S/S Single Pipe Exh, 3.08 Rear, 200lb Spax & PolyBushes all round, Anti- Dive, Strut-Top Roller Bearings, Capri Vented Discs & Calipers, Braided Hoses, 4 Speed Rear Cylinders, Uprated Master Cylinder & Servo, AT 14" 5 Spokes or Maestro Turbo 15" Alloys, Cruise Lights, S/S Heater Pipes, Replacement Fuel Tank. No Door Stickers. Mine since July 1986, V8 from 1991