This will only work if you log in I think. Why not simply create /etc/rc2.d/S00SetupSpeed and put the same line in there ?
/etc/rc.local is executed in runlevels 2 thru 5 by /etc/rc*.d/s99rc.local, which is a link to /etc/init.d/rc.local
Your method would break the intent of /etc/rc*.d, and would likely be overwritten upon upgrading.
From /etc/rc*.d/README:
sheevaplug-debian:cat /etc/rc2.d/README
The scripts in this directory are executed each time the system enters
this runlevel.
The scripts are all symbolic links whose targets are located in
/etc/init.d/ .
To disable a service in this runlevel, rename its script in this directory
so that the new name begins with a 'K' and a two-digit number, where the
number is the difference between the two-digit number following the 'S'
in its current name, and 100. To re-enable the service, rename the script
back to its original name beginning with 'S'.
For a more information see /etc/init.d/README.
HTH, Jim