I would find it difficult to believe all that BP would burn before the bullet exits the barrel. The burn rate is too slow. Even in an 1886 Browning 45-70 (longer barrel, I think) with 40 grains of IMR 3031, we are seeing unburned powder in the barrel.
Then there is the recoil issue. Whew! The design of the Handi pounds you bad enough in a 45-70, I can't imagine what 120 grains of BP would do to my shoulder in that gun.
On the upside, New Years Eve is just around the corner. I would think if you shot it at night, the flames coming out of the barrel would rival any fireworks display!