I just finished lubricating the speedo cable on my 91 4x4 22RE w 200,000mi. It had gotten to the point where it was jumpy +- 5mph and squeeking/whirring at any speed.
First I disconnected the cable from the transfer case and spun it a few times. I could feel the 'bumps' as it rotated. Then I dismantled the dash finish panel to gain access to the (SR5) gauge cluster. Everything is electronic except for the speedo, which disconnects with a clip. After removing the gauges I had my fiance pour bicycle chain wax down the cable as I spun the cable from beneath the car with a cordless drill. We added about 2oz. or more of lube before it smoothed out and a tiny bit of lube worked its way all the way down the cable. This took about 10 minutes of spinning/adding lube. (I found it helps to gently push the cable in and out of the sheath as you spin it to help the lube work it's way down.) After that, I dabbed some synth. grease on both ends of the cable where they attach to their respective units and reinstalled the dash. Took it for a few mile spin, and it's absolutely fixed. The needle runs super smooth and not a peep from the dash.
Apart from dismantling the dash (which really just takes patience), this is a really easy DIY task.