Personally, I do not feel comfortable being that deep in a Texas lake without doubles or the redundant gas source of your choice (I have no delusions of being able to make a CESA from 120'), just make sure its enough to bring you up from 120 at much slower than 30 fpm (because you don't want to ascend straight up into boat traffic but along the bottom).
You'll want some sort of navigation aid, either a compass or a reel (if trained in reel use). You can get into areas where it flattens out and difficult to discern the slope of the bottom and thus the way up.
I would also want a lift bag to aid a direct ascent if one was absolutely needed (a bottom-following ascent would take far longer than a direct ascent).
I would want a nice bring primary light and at least one backup. If your buddy's light is significantly brighter than yours, you're in front because you won't be able to signal him from behind.
At least 2 knives, preferably one of them a z-knife (monofilament), neither of them should be worn on the leg, this is one of the worst places you could put a knife and its just asking to get caught on something.
An aware buddy.
As far as experience, good buoyancy control is a must and anti-silting techniques is a definite plus (a flutter is going to tear it up down there). I would also work up to that depth. Diving 120' in Cozumel and 120' in Travis are two different things. It's cold and it's dark down there, you should make sure you're are comfortable with the narcosis before such a dive. I did quite a few dives in the 90 - 115' range in Travis before I started going deeper. You'll also want a better understanding of gas management then "be back up with 500 psi". What is your SAC? What is your buddy's SAC? How much gas will it take to get both of you to the surface in a stressful situation?
These are just the things I can think of, YMMV