Jeff,
The Big Blue Book has some detail on how to test the speed relay.
Note that testing the speed relay is done in part by testing the 17 degree switch.
I have an automatic and it may be different on a 4 speed, but I can actually observe (using a timing light on the crankshaft timing marks) that my timing advances suddenly at 2200 RPMs giving me a full advance range. The spec says timing on a 70/71 is set at 30 degrees BTDC at 3000 rpm. The only way to get this level of timing while being at 5 degrees BTDC at 1500 rpm (which I have also verified with a timing light) is to have the retard go away, which is done via the speed relay and 2 way valve.
I also note that the part number on my speed relay ends with 34 and I know from the emissions manual that the speed relays are different with an automatic and manual car.
Tom