You can go with the LMF-400 (or LMF-200), or you can buy a Garmin GMI-10, which displays GPS speed (or NMEA-0183 or NMEA-2000 enabled paddlewheel if you prefer).
I installed a Garmin GMI-10 on my boat earlier this spring.
GMI multi purpose gauge. The GMI can use either GPS or Paddlewheel as its source for speed. In addition, many other parameters can be displayed, such as fuel flow, fuel tank, depth, compass, water temp, and so on provided you have the sensor. The beauty of the GMI-10 is that it can display both NMEA0183 and NMEA2000, so you can put a NMEA0183 GPS on the unit without having to install a NMEA2000 network.
Here is the gauge indicating GPS speed. Note that Max and Average speed is also tracked. While this looks like a real analog gauge, its in fact a computer generated screen - very nice indeed.
And the same gauge (different day) indicating waterwheel paddle speed.
And if you add a network with the correct NMEA0183 or NMEA2000 sensors, you can also display:
Heading. I cannot remember if this is from GPS or my fast-heading compass. But for some of the gauge displays, you can select the source (as shown above for the GPS/Water source for the speed display).

Water Depth and temperature:
Fuel tank levels:
and more (depending on the sensor) ...
The real issue though is where to put it on the dash. If it won't fit, then I would recommend the Lowrance LMF-400 as Dave did. However, the basic differende is that the LMF-400 will fit into a round 3 1/2 gauge opening, but is not in color, and is NMEA2000 only. Otherwise, they basically do the same thing, albeit the LMF-400 is a bit cheaper.
But the LMF-400 will also (with the correct sensor) display Bennett trim tab settings, which the GMI10 won't do. I am using a Lowrance LMF-200, similar to the LMF-400 but in a 2" gauge size, for displaying the Bennett trim tabs. Actually, I have both GMI-10 and LMF-200 (and Raymarine C-80 for that matter), connected together for displaying any of the available parameters on board.
Some of the gauge functions on the GMI-10, as well as the LMF-400 can either display as a gauge or a number, depending on your preferences. But some parameters can only be displayed only as a number.
So the selection between the Garmin GMI-10 and Lowrance LMF-400 comes down to cost, displayed functions (i.e. the LMF-400 can display tabs), source (i.e. the GMI-10 can display NMEA0183 and NMEA2000 where the LMF-400 is NMEA2000 only), or ease of mounting (the GMI-10 is a 4" square gauge, while the LMF-400 will fit into a 3 1/2" round gauge opening).
But for me, I have both (well, both if you substitute the LMF-200 for the LMF-400).
And I plan on adding more NMEA2000 stuff next year - specifically, fuel flow.