I would say your chances on getting it approved are slim to none. Maybe they would be better if it was a product of one of the top race leather manufacturers and had wide usage in superbike and GP racing, but as a new product very, very doubtful. Even if the material is fantastic there isn't any history on the quality of manufacture, seams, stitching, etc... I run around the same speeds as you and while 120 mph may be slow in land speed racing terms it is in the neighborhood of many top road racing incidents where crashes happen in the twisties.