I can tell you that my 06 Classic had the same problem. It had a speed limiter built in from the factory at around 125 mph and the PC III wasn't able to by pass it. I "HAD" to go with the TB to be able to remove the speed limiter and to correct the speedo. I love the simplicity of the PC III but it has its limitations. I was hoping that the new PC V would allow you to remove the speed limiter, correct the timing retard in the first 3 gears and correct the speedometer. But I see no luck. I have been hearing about some new free programer but my bike is running so well I hate to mess with it. You know the old saying " If it ain't broke, don't fix it.
Big T