How did I come to the conclusion that it was the cruise control transducer? I basically took off the speedometer and tested to see if that was the problem, the speedometer turned freely. Then I checked the speedometer cable, the one from the speedometer to the cruise control transducer. I did notice that speedometer cable did have a slight restriction but with a little lube it move freely. Then I moved on to the speedometer cable from the transmission to the cruise control transducer. That cable move freely and there was no sign of wear and tear which is common with the plastic gear in the transmission. Then I tested the cruise control transducer that seem to be working properly but when I put everything back together the speedometer cable still do not work.
So I had to do another test on it, what I basically did was blocked off the front wheels, jacked up the backend, started the vehicle and thrown into gear. I disconnected the speedometer cable the one that goes from the transmission to the cruise control transducer. I disconnected this cable at the cruise control transducer started the engine put into gear and see if it was turning, and it was. Next step I disconnected the cable from the cruise control transducer to the speedometer and hooked up the speedometer cable from this transmission to the cruise control transducer. Turned on the El Camino, threw it into gear to see if the top part of the cruise control transducer was turning and it wasn't. After close examination it look like there was wear and tear where the cables connected to the cruise control transducer. The next step is to get a used part and test it. I'll let you know how that goes.
