I was assuming you used the estimated count method. I do understand that that is what most folks in the publishing industry want. Yet it seems that there are the occasional oddballs who prefer an actual count. I suppose one should be aware of just what a particular industry denizen wants when submitting.
I imagine that it would not be impossible to cut down to 120,000 or so. After all, I cut my first one from 135,000 to around 99,000. I can remember only removing one actual scene. Everything else was a matter of removing a little excess here, and a little excess there. Funny, but when I was in high school and went back and re-wrote something, it usually got longer. Now, even without trying, things tend to get shorter. (I lost ten pages in two run throughs of my second.)
Dave