Glad you found the source but don't cut Philbo short it wasn't clear initially what boat and engine package you have. If an I/O the tube for the speedo can break and water can leak into the boat and the flow will increase with speed.
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1997 Silverton 362, 7.4 Crusaders
1997 2400 SCR, 5.7 Vortec / Bravo 2
Mike
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