Shaking Speedometer/Wheel Churning Noise

[StangLuv]

Just recently I've been hearing a strong churning noise coming from the wheel area leading me to think it was brake pads/bad wheel bearings. But it comes and goes at random. I can hear the sound a little more when I'm turning but after then when I continue straight the sound continues until I come to a stop. The sound comes only when I'm moving or slowing down but goes away when stopped. The best way I can describe the sound is that it sounds like a bad belt, but I've let the engine idle and rev which sounds fine. At the same time my speedometer has been shaking a lot, it'll stay around the approximately speed I'm traveling but shake around. (Prominently when I'm traveling 50-65 mph)

I've also gotten an engine check light that read an o2 sensor has gone bad (bank 2 sensor 1 upstream) and will be replacing that shortly. Any possible relation?

This is my first time posting in a forum so I really appreciate any help or advice, thanks

2000 3.8l V6 Mustang
Only modification:
Suspension/geometry- HR Sport Springs, Tokico HP Shocks/Struts, Steeda Tie Rod Ends, JLT Caster/Camber Plates

 

[StangLuv]

Took look behind the wheel and found the calipers have bit straight thru the brake pads. When I installed new calipers/pads right after testing and bleeding the brakes found out the pads PUNCTURED the calipers. There's these two little bolt/notches that stick out and broke the calipers.
Does anyone have any idea how to resolve this? We're checking again in the morning to see if the caliper's brackets aren't sitting right.