Yreka! OK, the speedo drive gear is not keyed in place, it's just held tight by the output flange nut. Under load (with a loose flange nut), gear thrust reduces the clamping effect so the drive gear is no longer held tightly. It still turns from friction/drag, but it slows down giving a false low reading. When coasting, gear thrust reverses and the stack tightens up on the drive gear so it turns at shaft speed again.
Don't come to Oregon in late August/early September, we won't be here, but any other time is OK!
George Davis
'69 280 SL Euro manual