I think it's unlikely to be the cable between controller and LCD, I suspect there is some sort of digital line between these, like RS232 or SPI so it would be more than just the speed reading affected.
Anyway, recently I've had problems with speed sensor (no speed reading) and was surprised that there is no information (at least I couldn't find anything) about which pin of the connector is actually speed sensor signal. I had to x-ray the connector to find out . So I thought I'll post it here, it may be usefull for someone.
In my case the sensor was "Hall" type, which means it required power supply (5V). Perhaps there are "reed switch" type sensors which only require GND.
To test "Hall" type sensor, connect it to power supply and connect multimeter between 5V and Speed sensor signal. Multimeter should read ~0.8V if the mgnet is away, and ~5V if the magnet is close to the sensor.
To test controller and its cable, first measure voltage between GND and 5V pins. If it's OK, then measure voltage between GND and Speed sensor pin, it should read ~5V. If all looks good, use a resistor (I've tried 1kohm, but anything between 1-100kohm should be fine), connect one end to GND and touch speed sensor pin with the other end of the resistor a few times, there should be some speed reading on the display.
In my case the problem was poor connection on one of the pin. I've bent them slightly and it started to work.