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Steps:
- Drain the tranny: Remove the filler hole first! This way you know if you can refill the tranny after you have drained it.
- Remove bolt labeled "I". This is a common point of failure in that many over torque this when installing or the threads erode out. It may be helicoiled, but it is no big deal if the repair is done well.
- Once bolt "I" is removed you should be able to grab the speedo drive and rotate it back and forth while pulling it out. If this fails then grab "III" with a crescent wrench and rotate the assembly in the CLOCKWISE direction while pulling. Be careful not to stress the angle part of the drive as it can become loose. Be patient and use some common mechanical sense (ya, ya, I know, not always so common).
- Do not grip "II" with a pipe wrench or other implement of mechanical blasphemy! Follow the above step and it will come loose, if not, then a pipe wrench will not help you and you will need to get more creative with the PB Blaster and such.
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With all of the parts apart you can see why you do not need to torque bolt "I" down too hard, the tip only needs to sit in the pit "V". "IV" shows the threads that tend to strip (mentioned above). "VI" is part of the problem. It is a cheap part to replace and is 1/2 of the problem.
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The other 1/2 of the problem is the bore which becomes corroded over time or contaminated with crud. Once you clean this bore with some solvent, take some fine grit sand paper (600 or finer) and make sure the bore is smooth. If there are irregularities then smooth them out. If there are gouges, clean them up with solvent and smear JB weld (very little) into them. Once dry, sand down until it is all smoothed out. Put on new O-ring, lube it lightly with oil and put it all together. The retaining bolt "I" is torqued to ONLY 12-13 ft.lbs. (NO MORE or you'll be sorry!

That should be all it takes

