Just replaced the instrument cluster in 1992 740 wagon because the speedometer failed. Speedometer works now, but the odometer on the "new" instrument cluster reads 295,000, when the car really only has about 96000 miles on it.

Is there a way to change the odometer reading back to the actual mileage of the car?

 

It would be to much trouble.
Some States Illegal.

 

assuming it's legal in my state (registered in alaska), what would it take?

(I doubt it's illegal unless the actual mileage of the car is misrepresented, and the previous odometer worked despite the non functional speedometer, and the actual mileage would be used, not some arbitrary figure like 8000)

after some google research, I found something from the Florida highway patrol, which I imagine is pretty strict as compared to this car's home of states along the west coast:
"It is a Felony for anyone to knowingly tamper with, adjust, alter, set back, disconnect, or fail to connect an odometer of a motor vehicle, so as to reflect a lower mileage than the motorvehicle has actually been driven"
This would reflect the actual mileage, not a lower mileage.

 

Yes Florida Is very strict. (Thats where I live)
You would have to remove the odometer again and remove parts to be able to turn the Milage.

Practice on the old one. You should be able to remove the electric motor then maybe be able to move the #'s

 

Goodness, that is too much trouble...we'll just note the actual mileage difference, by the time we're ready to sell the car, the odometer will probably be rolled over anyway