I have the opposite problem, mine reads high when cold and makes this obnoxious squealing/grinding/whining sound (you almost have to hear it). After the interior warms up, it becomes quiet and semi-accurate.
ReTED, I am jealous that you have a functional speedometer on the dyno, mine apparently only reads up to about 80MPH (even though I was pulling to 165 MPH). The VSS to the ECU is accurate, but the needle on the gauge is not.
Obviously I wouldn't have any way of figuring this out on the street...
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1986 GXL ('87 4-port NA - Haltech E8, LS2 Coils. Defined Autoworks Headers, Dual 2.5" Exhaust (Dual Superflow, dBX mufflers)
1991 Coupe (KYB AGX Shocks, Eibach lowering springs, RB exhaust, Stock and Automatic)
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