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I'm pretty sure it effects the seat belt light, since it controls all the warnings and chimes. I'm less sure about the speedo - the GEM should know the speed, but I don't know if controls the display on the speedo or if it just gets an input from the speed sensor.
I have read reports of water getting into the GEM (or into the contacts for the GEM) and causing flakey things to happen.
yes that is exactly what happened water leaked around windshield. heater fan motor would not shut off, signals started to act up as they would not work when you first started the truck, after so min. or so they would work and speedo would work intermittant. i remove the fuse box and gem fuse box had a lot of corrosion and green so i replaced the fuse box, gem looked ok so i reused it, after installation everything went back to normal with the exception of the signals quit completely and so did the speedo, and the seat belt light came on at this time. lost,
Rezvani's Latest Post-Apocalyptic Monster Is a Ford F-150 Raptor Underneath
Slideshow: Called the Fortress, the 850-horsepower pickup combines Raptor underpinnings with military-inspired features, survival equipment, and a starting price of $285,000.