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There is not reason to bypass it, it is set to run at that. Anything more and things will start breaking. Your top speed should be 127 and rpms should be around 6.5k. Unless your in park or neutral then its 4k.
Mat
SXT PCMs are limited to 118-120 MPH. R/Ts are 127-130 MPH limited by the rev limiter
R/T's are limited to 138mph because they hit the 6,815 rev limiter from the 3.94 transmission. Technically, an SXT with the 3.55 transmision (and the 6,750 rev limiter) would be able to go somewhere around 170mph if it had enough power and no speed limiter, among other things.
-HAH! Back when I was a youngin' I had my '74 RoadRunner pegged on the speedo.The speedostopped at 120, but the needle was down past that where you couldn't see it anymore. I figure somewhere between 130-140 is what I was doing that day. I must say that car didn't shimmy or anything. Smooth sailing and she felt like she was still pulling too. But a little bit of common sense crept into my brain and I backed off the throttle.