But... I would encourage you to look into whether an AL80 would be sufficient for your needs. I'm personally thinking "yes."
Okay -- It's late at night, and I worked a crazy shift, and I'm not up for doing the math right now. But rock bottom from 100 is 40 cu ft, which is 1500 psi in an Al 80. If you assume the diver is going to do the allowed 10 minutes at 120, which is 4.6 ATA, at a SAC rate of .75 (because it makes the math easy, and probably isn't farfetched for a fairly new diver), you'll be using 35 cu ft during your bottom time, and need 40 cu ft for rock bottom; that's 75 cu ft, and just about everything in your tank, assuming your ascent is almost instantaneous.
The rule of thumb is never to dive deeper than the cu ft in your tank, and it's a pretty good one, and a 120 foot dive on an 80 cu ft tank violates this.
Having a single steel tank with a wetsuit in very cold water is not a good thing, but I think it's better than planning a dive that runs your gas to the absolute minimum.
Scubasloan, you are looking at some of the right issues. Also consider that narcosis is variable and sometimes difficult for the individual to diagnose in himself. It manifests as perceptual narrowing (bad for understanding what's going on with the dive, or with your buddy) or as euphoria (bad for monitoring important things like gas) or anxiety (bad for making good decisions and maintaining composure under any kind of stress). NDLs at the depths you are talking about are extremely short -- no more than 10 minutes on air -- and gas consumption is frighteningly more rapid.
I would highly recommend getting more experience with dives under a variety of conditions in the under 100 foot range, before extending your dives to the lower part of the recreational depths. Those dives, pushing NDLs, require good buoyancy control and an understanding of decompression theory and decompression profiles, I think, to execute safely. My first square profiles in that depth range resulted in what I suspect may have been skin bends. I have been extremely careful and conservative since then, and I have gotten a LOT of training before going back to do those dives again.