The speedo connects to the transmission near the center and just above the level of the floorboard. It's the only hose that's connected in such a way that it can be installed and removed with just your fingers... follow it along and you'll find the smaller connector which mates with the long cable.
The cables are pre-lubed so don't add anything. If you want to lube the longer cable that you can add oil, drop by drop, from the top side while someone below rotates the spindle that comes out of the end of the long cable. If you lube the cable a teflon based lubricant or some straight 10 or 20 weight motor oil will do. A very low viscosity (thin like oil) molybdenum grease would be excellet.
When installing the short cable, connect the transmission connector first. It's keyed and will only go on one way. The other connecter is just square in shape so it's easy enough to twist the mating side until they line up and slide together.
EDIT: No, you won't see what's broken. The actual cable is inside a fabric coated, metal sheath.
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