Miguel, I don't believe it is the suspension. On the Delphi Electra Glide Garage board there has been a lot of discussion about this on all the Electra Glide models (Standard, Classic, and Ultra Classic). The conversation over there has blamed the way the air flows around the front of these bikes (batwing fairing, fairing lowers, etc.).
That being said, some guy's bikes seem to be totally unaffected by this and other's are. For instance, I had a '02 Classic that was rock solid when it topped out at an indicated 108mph. Likewise, my SEEG has seen an indicated 112mph (and still pulling, but backed off) with no sign of the high speed wobbles. On the other hand, the service manager at my dealer gets a new Ultra Classic each year. He has never had one that exhibited this problem until the 2003 he got last year. This leads me to believe that the problem may lie in the steering head bearings where some bikes may have been adjusted more loosely than others at the factory and therefore exhibit the wobble. To back this up, my '02 Classic never would pass the "fall away" test whenever I did it at home, meaning the bearings were on the tight side of the spec. But I decided not to mess with it knowing I may sacrifice some of the high speed handling. You may want to take this up with your dealer before going to the expense of the suspension changes you mentioned.
By the way, love the story of your loco friend doing 110mph on the way home from taking delivery. [smiley=beerchug.gif]