As others have said, yes it's possible.
You need to know what the ecu is expecting in terms of pulses/rev so you can match a sensor. Some cars have the sensor in the gearbox so it's multiple pulses/rev of the wheel. Some take signals from the ABS system.
Not sure of the details on the universal system - it might be able to simulate different pulse signals, however if it doesn't then there are speedo correction boxes that'll convert it to something the ecu will understand.
Possibly the best mod I made to my landy was power steering. I understand why you want to do it.