Yes, confirmed! I took it out on a ice run and it works great! So this is how it is supposed to go.
First you follow the instructions in this thread,
Speedometer correction - Toyota 120 Platforms Forum
However the wiring is different from an '04 to a '99. You need to splice the white wire from the Speedohealer to the gray with blue stripe wire that is in the harness of the blue connector in the back of the combometer (gauge cluster). The green wire from the Speedohealer is spliced to the other side of gray with blue stripe wire going to the blue connector.
With that said my speedometer is now reading correctly. Before it read approximately 3-4 mph lower than what it actually was. My ScanGauge II was giving me inaccurate gas mileage, including my odometer and trip meter which I was using to track my fuel gauge just in case it was off. Now it is all back to how it should be but now with 16" rims and a bigger tire.