Can you tell us what year and outdrive // If its an alpha its driven by vacuum
Alpha 1 Gen2's were more accurate and built into the drive // Gen 1's typically had a an added sensor on the transom
In either case they are vacuum driven / and any leaks will affect readings // I would inspect the tubing connections first -- If the line has enough slack cutting off the last inch that may be stretched out and sealing with a fresh section of hose may help. A vac pump tool for autos can help debug this as well.
The GPS's these days are much more accurate for mph than the vac sensors.