Well, as far as I know, no PPC601 ever ran over 120 MHz. However, the ones which went over 90MHz were all an updated process, I think, which ran on 3.3V instead of 5V. On the Power Computing Power 120 there are a bunch of level shifters all around the PPC601 to bring all the IOs up from 3.3V to 5V for the surrounding chipset.
So, my guess is that in overclocking your 5V PPC601 adn possibly over-voltaging it, you might be able to get over 100MHz, but heat management is likely to become an issue.
I certainly would not go over 5.5V. I'd look up the maximum rating on the datasheet, except I don't ahve it on this computer. I'd try something like 5.05V or 5.1V to start and see if it goes any faster.
Eventually heating will kill your performance gains faster than increased voltage can provide them. You may be there already.