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I don't know about damaging the speedo, but turning it backwards will take miles off the odometer. Learned that one in high school from a gal that had racked up a bunch of miles on daddy's Corvair one night, so she went out in the country and started backing around the mile roads. She was doing okay until the odometer turned up all 9s and went clunk.
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Fred
There is no such thing as too much cam...just not enough engine. 
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