It'll fix everything. The speed signal goes through the cluster before going to the ECU and the rest of the computers. This will correct the ODO and MPG readings, it'll also correct the miles to empty estimates.
I installed a Dakota Digital SGI-100BT using the wiring suggested in the above post. This SCM has a Bluetooth interface so I could bury it in the dash.
I decided on at 15.5% over correction for my 315/70R17's
App settings are attached.
Thanks for the great write-up. I wish google would have made this easier to find as it would have definitely helped me out. I had to wade through Prado 120 and 4runner posts and Toyota wiring diagrams to find this info.