The interesting thing is why is the GPS lagging? The speed doesn't rise gradually like it does on a speedo, rather it gets 'updated' every 1-2 seconds. Look at screenshots at what times the GPS screen changes. Here are some I prepared earlier

Accurate down to 0.04sec.
The GPS updates at 16.28s, 17.32s, 19.28s, 20.27s and 21.26.

- speedo16.28.png (207.19 KiB) Viewed 5733 times

- speedo17.32.png (193.29 KiB) Viewed 5733 times

- speedo19.28.png (167.53 KiB) Viewed 5733 times

- speedo20.41.png (194.82 KiB) Viewed 5733 times

- speedo21.26.png (174.4 KiB) Viewed 5733 times
So we can assume the GPS has a lag of 1-2secs. Not due to vehicle speed, but due to the GPS signal speed, processor speed etc. Now the big question is....does the GPS catch up with the car speedo within the parameters of its own processing time?
I let off the throttle at around 20.2-20.4s, (let's say 20.3 to average it out), the GPS is due to update in another 0.95s. My speedo is sitting at 120ish. The tacho drops rpm over the next second as the engine brakes, the speedo doesn't move...at 21.26 the GPS shows 115km/hr.
Now I can concede that there is a possibility the tacho is going crazy, but the bigger picture here is this - how would my speedo be off by 25km/hr, if it doesn't move after the car stops accelerating? And then matches the GPS right on time with the GPS' next expected update?
No, if something was wrong with the clutch, and the speed was calculated off rpm - then the speedo would never have matched the GPS within a second. The car would simply not get up to speed if the speedo was off by that much.