Speedo Strap

I am starting to collect parts for my winter mods.  I just received my speedometer relocation bracket (aka Auto Meter Shock Strap Kit #3209).  I have seen a lot of guys use this to hang their speedo near the front gas tank bolt.  Hopefully it's that easy.  I really have no idea what I'm getting into.

All I know is my current riser setup will not work with the 3.3 gallon tank because it's taller up front than the 4.5 gallon.  The speedo currently sits below the riser clamp and will hit the new tank so I need to move it somewhere.  I'm not sure what I'm going to do with my indicator lights yet.