I wouldn't be put off by 120K miles on any 6 cylinder BMW if everything else checks out OK.
As you say cooling systems can have issues with bowed radiators and split expansion tanks, and the electric water pumps on the N52 engine can just die. I've had 4 cars with N52s and needed new pumps on 2 of them, one at 60K miles, the other at 135K! The main issue is they just stop pumping so the engine overheats in about a mile, and new OE pumps cost £250 or so (or £500 from BMW).

But once it's replaced it should work for years.
On E85s look out for roof motor issues. BMW located them below the roof drains so they can drown, but there are a few people on here who can often revive them and it's worth getting them relocated to the boot for £200 or so - much cheaper than a new motor!
And rear brake pipes can corrode in front of the passenger side rear wheel.
Both engines can suffer from oil leaks from the cam-cover gasket and the oil filter housing gasket so it's worth checking for any signs of leaks and both are prone to using a bit of oil but that isn't really an issue so long as you keep on top of it. FWIW the N52 engine has no dipstick, you check it by pressing a button on the dash.
I don't know of A/C compressor issues. I've only had AC problems with 3 of my 8 BMWs, first one (E46) just needed a regas, next one (E86 No.2) needed a new condensor as they can get hit by stones and latest (current MC) just needed a regas.