Ya',.......... I tried this - And was glad I did. Now I can get Speed readings over 85 as well as 0-60, top speed and quarter mile times. I can also adjust the speedo if I change the rear gears and the size of my tires. ( & I've changed gears and tires several times since installing the aftermarket speedo !! )
Here's what it looked like while the 700R4 was installed and it was mounted on the dash ( I used the original speedo sending unit and tapped into the VSS buffer) :
Here's what it looks like now that the T56 is installed & I modified the original cluster to hold the aftermarket one:
Also - I've owned 25-30 third gen camaro's and I have never seen anything installed under the passenger seat like you describe. Sounds like something left over from a previous custom installation..... a cd changer maybe, or an alarm, or an old cell phone harness perhaps !!