Re: 120hp vs 105hp (1974 HF's) differences???
The 105 came with 1 5/16 diameter venturi Tillotson WB carbs. The 120 came in two versions: 1 5/16 diam WB carbs and 1 5/8 diam Tillotson TC carbs. The main difference in the 1 5/16 venturi carbs is the diameter of the butterfly and carb outlet into the manifold. The 120 WB carb has slightly larger butterflies and outlet and thus will flow a little more air--if the engine is capable. It also has slightly larger jets to flow the extra fuel that a 120 needs. Remember: the high speed jet only functions to LIMIT the amount of fuel delivered at full throttle.
Using the 120 1 5/16 carbs on the 105 will yeild no extra power as it is primarily port size and timing that sets power output. Thus it can not pump the extra air through a WB carb that a 120 will. Since the airflow will not be as much as a 120, the high speed jets will not deliver more fuel to the engine than the smaller jets of a 105 carb. THUS: no power gain.
To use the 1 5/8 TC carbs which are physically much larger, the manifold covers must be changed, but that's all. Since the TC has probably 1/2 the air restriction of a WB carb, the engine MAY breath easier and you might get 5 to 10 HP more, might not. I do have a 105 that I substituted the TC carbs onto, but I have not yet tested it so I could not say for sure.
NOW: you may ask, haven't I contradicted myself about airflow through the carbs? No, not really. It takes part of the engine's horsepower produced to pump air into it. This "lost" HP is not accounted for in the rating. So, a 120 block may be producing 130 HP and using 10 HP just to pump air to keep running. The WB carbs are so similar that the airflow difference is minor and there is still a given restriction at the manifold and reeds. The TC carbs are so much larger, that the airflow restriction AT THE CARBS is much less. THUS: It takes less horsepower to induct the same air charge. This horsepower can then be used at the prop. Same thing if you removed a water pump impeller: The engine would have 15 extra horsepower at the prop--wouldn't run for more that 2 minutes but would have more horsepower.