t-5 troubles

[Shogun]

does a 1987 T-5 need fluid or is it dry?

yes, it needs ATF. Dextron or Mercron will do.

the screw and speedo gear that goes into the tail of the tranny are pulled out and hanging

That plug needs to be in the tranny. If you look at it closely, you will notice an O-ring on the plastic device that houses the speedo cable and speed sensor. The tail section of your T-5 contains fifth gear and tail shaft, both of which must be lubed. If your speedo gear cable housing is out, eventually over time all of your fluid will leak out. Now that your having these problems, I think that adding ATF will not help your situation but will only be a band-aid for your transmissions impending failure. Rebuilding/replacement of your T-5 is a foregone conclusion.