I would replace it with the same thing. Perhaps a new Moor with digital readout? GPS is fine, I have a chartplotter as well as a speedo but that's not the intent here. This boat is special, and trying to repurpose the hole is going to look like a repurposed instrument hole. The boat, the wood, the varnish......yikes! Christmas is a very special boat. (I bought the Elvis movie on Amazon yesterday just so I could see the Lion sailing!)

If I was to do anything, I would have a polished SS guard fabricated, maybe 3/16" SS rod in an "H" to keep that pesky handle from doing more damage and still be able to see the display. Keep the paddle wheel, use a Q-tip with marine trailer bearing grease and put a light coat on all the surfaces.

IMHO......