Interesting thread...
Here are a few random thoughts, in no particular order.
MOD means Maximum Operating Depth, not Optional Operating Depth. When a real Nitrox diver sets MOD, it means something. i.e. if the MOD is 111 feet, that's the floor. <-- notice that that's a period, not a comma
The original Nitrox course taught by Dick Rutkowski from NOAA was two full days of classroom, delving deeply into all things physiological and physical known about oxygen under pressure, not only as a breathing gas, but how to handle and mix it to get Niotrox in the bottle. Many of today's watered down courses fail to infuse a sufficient appreciation for the dangers of oxygen toxicity, and barely give any passing acknowledgement to the dangers of oxygen handling, if any at all. This isn't necessarily the fault of the instructors... their own training is all too often shoddy.
The setting for max safe PO
2 is highly variable and depends on many factors including time, temperature, workload, prior exposure, dive profile, OTC and/or prescription drugs and others. Even then the max safe PO
2 for a given diver is highly variable from day to day. Few divers these days have any training in factoring these considerations into a dive plan and should strictly adhere to the recommended maximum PO
2 of 1.4ATA (or less) when computing MOD. Indeed, most of today's Nitrox divers don't even have any idea what an OTU is...
As for the OP's original questions, (1) a computer will usually give the diver longer bottom times and shorter surface intervals than the tables, and (2) with a planned depth of 120ft, and a PO
2 max of 1.4, a Nitrox mix of 30% O
2 or less is required. If the diver elects to consider maximum PO
2's of more than 1.4 under any circumstances, due diligence dictates taking the "long course" (Advanced Nitrox or Tech Foundations or equivalent) at a minimum.
Rick