I have a similar problem with my 75 TR6 - still not fully sorted, I shoudl add - now the speedo works intermittently...
To test the speedo itself, just unscrew the cable from the gearbox end, grip the inner cable with a drill and rotate anti-clockwise. Depending on the length of your arms, you may need an assitant to tell you if the gauge is reading or not. If this results in no movement at the gauge, try reattaching at the speedo end to get a bit more/less of the inner cable into the gauge. If it works, then your problem is at the gearbox end. This is a bit more exciting to test - I did it with the car on stands, but you could do it on a quiet road, I suppose. I unfastened the gauge end of the cable and ran the car in gear, so the back wheels turned merrily in the air (I had about 8 stands under the car at the time). if the cable can be seen to turn, then that shoudl be a good indicator. If both tests are positive (mine were), I think it is really a matter of the difference in length between the inner and outer cable, which isn't something you can easily fix, I am told.
If you want to try replacing the speedo drive bearing etc. at the gearbox let me know - I bought all the parts, tried them with no difference so replaced to originals. I now have a selection of lightly tested parts in their original BL boxes which I feel I cannot return (to TRF) because I used them.
Hope that makes sense and helps
Cheers
Alistair