Joe the previous posts could all describe a solution, however I believe the problem could be a dry gear shaft where the speedo cable attaches to the transfer case. Inside the transfer case there is a plastic "drive" gear around the output shaft which "drives" a plastic "
driven" gear mounted in a removable sleeve where the bottom of the speedo cable screws onto. The plastic "driven" gear has an integral plastic shaft which extends through the removable sleeve and couples with the end of the speedo cable. This shaft does not receive lubrication from the interior of the transfer case and, after more than 30 years of neglect, probably needs greasing. Simple fix, just unscrew the speedo cable and back-out the bolt that holds the removable sleeve to the transfer case. Pull out the removable sleeve and you will see the "driven" gear and shaft, and how the thing works. I'd be willing to bet it is dry, so all you need to do is to pull the gear & shaft out of the sleeve and grease it, and then reinstall everything in reverse. If the plastic shaft is indeed dry, it may also be dis-figured and require replacement. The "driven" gear / shafts are readily available on our favorite auction site and are available with varying tooth counts based on axle ratio, transmission, etc. The different tooth counts are identifiable by different colors of plastic. I can't remember which color/tooth count our CUCVs came with, but once you get it out you will see the color. If your speedometer is not displaying an accurate / actual speed, you may want to change the tooth count of the "driven" gear. All of this is explained here -
http://www.73-87.com/7387garage/drivetrain/speedo.htm
Hope this helps.