If your truck is a '98 and newer (to current), the speed signal is picked up off a RWSS (Rear Wheel Speed Sensor), and that sensor measures the speed of rotation of the ring gear. If you have a '97 or older, the speed signal is picked up at the rear of the trans, and any changes in the driveline will effect your speedo.
On '98's+ gear changes do not affect speedometer readings. The Pinion spins faster, but not the ring gear when you gear down... To travel the smae speed before the gear down was done, the axle had to spin XX times a mile. It does the same XX rotations now, but the Pinion now spins more times in that same period... That's what gives you more mechanical advantage, and that will either, require less power to move a load, or simulate more power at the track...
Merrick