Guys,
I appreciate all the information and the opinions that have been shared. And I'm just as concerned about crankshaft life as anyone. My '07 SERK went thru 3 or 4 until (after the warranty ran out) I finally had my stocker revamped by Darkhorse Crankworks -with Timken conversion. Now that crank is better than plain old bulletproof -it's machine gun proof! Very happy with it! But we mostly ride the CVO Ultra now days. At least until the lifter failure! And so far we haven't had any crank problems with it. (Knock on wood!)
It's a tough decision because I have a max. budget of about $8,000 for whatever I decide to do with this bike. If I build a 120, it looks like (according to the Screamin' Eagle Parts catalog) I couldn't start with my 110 crankcase, and would have to buy a new one. Then have it converted to Timken, and buy a Darkhorse crank. Not to mention buying heads, cylinders, pistons, selecting cams, etc. By the time I do all that (and more) and add labor to the mix, I'm concerned that I would be way over my budget.
If I go with the SE120R I think I can come in right around my budget because it comes with most of what I will need, and I won't have as large a bill for engine assembly labor. I am encouraged by Sadunbar's good results with his 120 too. Sounds like he uses his bike exactly the way my wife and I use our bike. And his mileage is as good or better than what we get with our relatively stock 110 (with A/C and Fullsac pipes only).
I'm still weighing the options and trying to estimate the costs for each approach, but it's a tough decision. If I don't go with an off the shelf 120R then I can probably only build a 110 of some sort... And then again, there's no replacement for displacement!
Still undecided... 
I guess I'm getting old. Why would you want to put the 120 in a TOURING BIKE?

? I want something that is reliable. Well I guess weight is also an issue with the SEULTRA.
Harry you have not seen too many 120r failures because they don't have enough miles on them. If you do the 120r change your lifters right away. That is one of the weak points. Not only to quite it down but so it may live a little longer.
Keep us posted either way you decide to go. Oh and good luck!!!!
Be Safe
THE DAWG