On the P5 it's not limiting on the speed sensor alone, it's a rev limit based on rpm & gear position but the ECU is monitoring speed. For example, in stock trim I would hit the limiter at 41-42mph dash indicated in 5th gear. As a test I put the SpeedoDRD on before I did the gear swap and tested a few different settings, I could "trick" the dash speedo into reading anywhere from 38 to 45 mph before I hit the limiter, if I went too far with the signal adjustment the ECU would go into limp mode and I would get the "--" on the dash and the trans wouldn't shift. The ECU is expecting a certain speed range (sensor signal) at a given rpm/gear. The original trans final drive gears were 1.875 to 1, the new set is 1.48 to 1 so the SpeedoDRD was used to make the speed sensor signal on the new gear match the signal of the old gear at a given rpm. The result is the final shaft output speed to the driveshafts is increased but the ECU sees it as matching the original programming.
I would imagine the P7 has similar programming. It may not be as simple as tricking the speed sensor alone.