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My 78 GTS has smiths guages and it seems that the speedo reads much faster than I am going. The needle is a bit jumpy also. It will read 50mph when I feel like im going approx 30-35 mph. Could there be kph parts in there that are throwing me off? It also makes me wonder how far off my actual mileage may be. The bike reads over 37000 miles but could be much less if this has been going on long before I got it.

Sounds like a refurb is due but check the cable first, My m3 regularly shows 150! , but round here if your watching the speedo you don't last long.