If you have a spindle drive such as on an EZPATH or a VMC, you adjust parameter 72 so the output from the BMDC to the drive results in a actual spindle speed (verified by an encoder) to match your commanded speed. This also assumes that the encoder count and sample period are also set correctly.
On a V2XT all of the above is irrelevant. The V2XT uses a prox switch in the gear shift to tell it if it is in high or low gear. Then it uses a voltage devider circuit which is a glorified variable resistor (volume control) as a approximate spindle speed feedback circuit. The variable resistor is mounted in place of the spindle speed dial.
George
(Note: The opinions expressed in this post are my own and are not necessarily those of CNCzone and its management)