Oil at 120 is fine. Were you on the big track or the lil fig 8 pens? If you were not on the big track then you were overheating because your not getting enough air into the car. What size rad is in the car?
i had upgraded intercooer, radiator, oil cooler and had the same issues. use good engine oil, put in a thermostat should help.
And i changed my clutch fan to a 7-8 shroud (i think) r33 one. that solved my problem totally.
you can also change the ratio of the coolent mix this will help a couple of degrees, mixing at 50/50 is good for the cold winters but 70/30 is better for the summer as more water in the mix the better the cooling capability