1997 Ford F-150 scraping noises

The only thing I can say about the noise is check under it to see if there is any evidence of something rubbing. Also, check the universal joints to make sure they are good. With that much of a lift, many things could cause it.

As far as the speedo, I'm going to guess you have huge tires on it. Think about it. The tires you now have take longer to make a complete revolution than the original size tires did. As a result, the speedo reads how fast the tires are spining and since they are bigger and take longer to make a complete turn, it appears to the vehicle that it is going slower than it is.

Let me know if you have other questions.

Joe