Awesome! Definetely on my to get list for the car.
Yes my understanding is that it is tire limited first, then cooling system limited after. I'm nearly 100% sure that the V6 shares the same cooling package as the base GT.Driveshaft for the S550 is completely different than the '11-'14 V6, as it now has a center support bearing vs slip joint on the earlier cars. That's also why you have a higher speed limiter than the earlier cars. The 3.7 was limited to just 112 mph previously, due to that goofy slip joint in the shaft. S550 is a true two piece shaft, just like what was used in the '11-'14 5.0. Much less prone to tortional deflection/vibration than the earlier junk shaft. Current speed limiter is based more on the tire type/performance rating than the shaft design.
I think you are right and in my opinion 121 is to low as I have reached this quite a few times on highway races. Most other v6 cars nowadays go above this speed. But on a positive note the ecoboost has the same top speed limit so that made me feel better.