120 queries is a lot. WordPress, imho, queries too much-- something like 16 per page load for a vanilla install-- but 120 is really a lot. I expect that will cause trouble on some lower end hosts. You should really make an effort to get that down.
Will you be using all (or most) of these options every time you load a page or will you be using only a subset? Also think about whether you will need to query for particular values. If you are using most of the options every time and don't need to query for particular values, you will probably get better performance putting everything into one row in the database. If you will be using a few values for a page load, you may want to store those separately. If you need to run queries that search for particular values, you probably want them stored separately.