It will work but read slower than you are actually going (. 16%)
4. 11-3. 54/3. 54=>16
i. e. 16%
You need to change the gear ratio by 16% to fix the errors in both speedometer and odometer.
You will not be able to get it exactly right, however the factory serviced manual does have a chart of available speedometer gear changes available. I think the "driven" gear has about 15 teeth. Assuming a 15 tooth gear, You need to go to fewer teeth and a one tooth change is:
(15-14/14)=. 07 or 7%. So, assuming you have a 15 tooth driven gear, you probably need a change to 13 (14% change, as close as you will get) tooth plastic gear on the end of the speedometer cable pickup. (it is actually an electronic pick up i. e. VSS)
Pull the speedometer cable, count the gear teeth, and calculate as above.
Rog