OK, had speedo drive off bike, noted the hub side brass casing had some deformation, two depressions from flat at 180 degrees apart. Popped the casing out, cleaned it all out of nasty smelling black filth. First thought no felt present, but then found it sandwiched in the casing with metal washer holding it in place. Pulled that apart and felt looks very nice condition...not frayed or mangled...even cleaned to nearly white using WD40.
Globbed new bearing grease into the ring periphery and worm gear as much as would go. Pumped some more in from zerk fitting. Flattened the deformations in casing using an old brake piston to tamp it down on a flat steel surface. Went back in nicely with light taps.
Got it back on hub, cable connected, chain tension set, wheel aligned, axles torqued, good to go...then found the !@#$%÷$¡¿Ing felt washer ring still sitting on my workbench :-(