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I currently have a 5.2 inch (132 mm) on my 72 CL450. It just barely clears the swingarm and the brake stay. However, I have to get a new one because there is a large groove cut in the side of mine. It looks like the PO either didn't have it aligned correctly or it started to go flat and it rubbed on something.
I will probably go with a 120 (4.7 in) though as I plan on lowering it and I still have my fender.
A 120 should be fine. It would hit the swingarm before it hits the chain. My 130 just barely fit. My new tire finally came in. It's a 120/90/18. I'm dropping the rim off at the shop tomorrow so it should be back on next week. It looks like I have a 3.25/85/19 (83???) on the front.