I hate getting into threads like this because people always interject their opinions about speed.
I just want black and white facts.
And no one, still, seems to know for sure.
No opinion here.
The earlier P models have a limit to a
calibrated 128mph (why? Because that's far easier bitwise logic than 120, compute power is limited in an ECU). You experienced it at 120, likely because it's been a while since the speedo was calibrated and it's drifted.
You have a few options:
1) Civilian models never had that limit, swap the Police ECU for a relevant year Civilian ECU (someone recently did the opposite, from Civ to P, and it worked fine, I'm not sure from the top of my head what features of the P ECU you might "lose").
2) As mentioned before, later P models did not have the limit, source a compatible year P ECU without the limit, and swap for that.
3) In-line aftermarket unit to modify the crank sensor pulses. I've never been brave enough to do that on any engine, at best, your fuel map would be wrong above 128mph, at worst, you could end up with a bang that should have been a suck. That would truly suck (though I like to think that the safety controls would shut the engine down rather than destroy itself... I wouldn't want to be hard on the gas and my engine be shut down either though).
For whatever its worth, the members that replied before I did are amongst the most knowledgeable folk I know. You're asking about a thing that many will deem "crazy" to even contemplate. I often find a little humble pie helps to grease the wheels.
Finally:
one that they themselves have actually rectified?
Nope - I have never owned nor ridden a ST1300P - of any year. Nor do I have any desire to regularly ride at speeds where I would lose my licence, my ST1300A2 is more than fast enough for me. I have done a fair bit of work on engines, electrics and tinkered with more than one ECU, though.
You're welcome to take my comments with as much salt as you can hold. Good luck with your research.