It's really a pity that Powerwatch.com went away. There was so much collected wisdom on the Power120 on that forum. It might be worth contacting Jeff Keller (of Digital Camera Resource Page fame) to see if he still has an archive of PowerWatch. It would make a nice addition to the materials here. Pretty much every nuance of Power Computing machines was poured over in those forums. Jeff Keller ran PowerWatch before his Digital Camera page.
https://www.dpreview.com/about/staff/jeff.keller
I would recommend replacing the heat sink grease as well. Carefully, don't want to shatter the CPU.
Also, I have this really faint (unreliable) memory of reading reports from folks who found a coin cell in the power supply that needed replacing eventually. Might make sense as the power supply is a weird hybrid between AT and ATX.
Even when new, the Power 120s ran hot. Do you have the flat griddle heat sink or the raised cage heat sink? The former allows you to put longer NuBus cards in the lower slots, but the latter provides better cooling, according to PCC back in the day.
I ran one as my main machine for several years back when they were almost current. They got cleared out at the beginning of the PCI era for, IIRC, $600 (or was it $1200, might be confusing the S900 price with the Power 120). Anyway, I had a JackHammer in there with two ST32550W drives, an ST32550N on built-in internal Fast SCSI and another ST32550N on the internal/external slow SCSI bus, with FWB's RAID ToolKit tieing them altogehter into a four drive striped array.
The weird thing was, I had tried four ST32550W drives on the JackHammer, but after two drives, I didn't get any improvement in performance. Adding each of the narrow drives to the other SCSI busses bumped it up another 2 or 3 MB/s.
As it turns out, even though the ST32550W/N was a "Barracuda" drive and spun at 7200 RPM, it was one of the very first in that line. It only delivered about 6 MB/s regardless of what kind of interface one connected it to. In a RAID there were diminishing returns, such that all four drives together only delivered about 14 MB/s.
Boy, those early 7200RPM drives were noisy too. I ended up buying some speaker sound batting and installed a layer on the side covers of the Power 120 case to absorb the noise from the Barracuda drives.
I had two 20" Radius Intellicolor monitors, IIRC. One on the HPV card and the other on a Radius IV GX 1360. Those monitors were huge and needed about 1' to 18" between them to avoid interfering with each other.
Good times.