On my plane with IO-240B, this is my experience:

I went through several Sensenich props on N85AE and ended up with a 74"
prop (can't recall the exact pitch at the moment). I get just under 2300
rpm static, and the plane accelerates fast and gets off the ground quickly,
in level flight firewalled I can hit VNE (140), and typically throttled back
it pulls the plane along at 120 with no problem at all.

Actually 120 is a very easy speed for the plane, it pulls along nicely with
the 74" and the engine doesn't feel like it's working hard at all. The biggest
problem with 120 or faster, is the plane is light and any and all bumps are
VERY noticeable. It is not an airplane who's design is conducive to speed.

I would say a consideration should be that these planes between 120-140 the
drag ramps up so quickly, that a prop isn't going to make much difference ...
On my plane the idea of climb/cruise prop for these reasons is I think a
bit irrelevant. The drag builds so fast that I think the only real difference
will be felt when you hit the gas for takeoff. After that they are all the
same.

So I'm perfectly happy with the prop I have now. The ONLY problem is I
like flying in the rain on occasion, and it's like a sandblaster on that wood
prop.

A 912, or other engine may be totally different, this is strictly my experience
over ten years flying with my IO-240B.

Jeff