The error in a wheel-rotation based speedometer as the wheel wears out is proportional to the change in diameter. Going from a 15" to a 16" car tire is a 16/15 is a 6.7% increase in diameter, so the speed displayed by the speedometer will be 6.7% low. At 65 mph, it will display about 61 mph, or if it displays 65 mph, you would actually be traveling at 69 mph, maybe enough to get a ticket.
According to Wikipedia, a P42's wheels are 40" in diameter (which I think is typical for a diesel locomotive). In order for the speedometer to be off by 1%, the diameter would have to be off by 1%, or almost half an inch, which I think would be a HUGE amount of wear on a steel wheel. I would expect a badly worn wheel would be off by only a few hundreds of an inch. After truing a wheel, the speedometer might be slightly off, but I don't think this is a big issue.
According to Wikipedia, a P42's wheels are 40" in diameter (which I think is typical for a diesel locomotive). In order for the speedometer to be off by 1%, the diameter would have to be off by 1%, or almost half an inch, which I think would be a HUGE amount of wear on a steel wheel. I would expect a badly worn wheel would be off by only a few hundreds of an inch. After truing a wheel, the speedometer might be slightly off, but I don't think this is a big issue.