red line

Of course the tach could by lieing too,I suppose. If 75=75 and 2.94=2.94 then the tach should be reading 4072 plus slip. At 5% slip, this would be 4276rpm.
I get about the same numbers as above for 2nd gear at 75 mph. (I used 25.5" tire diameter to account for the radial flat shape on the ground.) If you're actually near to 5000 RPM at 75 mph in 2nd gear, then it may be that you have a 3.31 rear gear....??