The Kipon T&S M645 to GFX adapter has arrived. I can shift up 22 mm with the 120 Asph until the image is limited from below inside the adapter. Tilt and swing is 20 degrees. That is enormous!
There is no need for a comparison with the Fuji TS 110, the shift and tilt distances are much greater and the sharpness is wonderful. In addition, I can use this lens on almost all systems, from Phase One XF, Cambo WRS, Hasselblad X, Fuji GFX to Sony, Nikon, Canon, etc.
The SK 120 Asph has clearly exceeded my expectations.
However, the SK 120 Asph needs a well-adjusted lens hood on every camera (on all four edges of the frame!). Due to the enormous image circle, the lens collects stray light all around, which reduces the contrast. See pictures, with and without lens hood.