My steel Honzo has a 120. I've ridden them with 140s and 650 plus tires. My preference is 120 because it's not a bike I use for big hits and I like the general purpose good handling from it. Ratcheting pedals is plenty fine for dealing with ground clearance. If this helps, my riding is divided in 3. Ride from driveway to trailhead, ride a very modern flow/jump trail system, and ride old school woods/rocks/logs up and down stuff.
This is really personal preference stuff. Another Honzo rider I used to join was just as strong on liking his 140 mm fork as I was the 120.