I've not heard anyone suggest anything about the generation of Noah and 120 years but that does not mean it has not crossed peoples' minds. Bear in mind however that the last QfR regarding this subject tended to downplay the significance of the time period and suggest that Noah only knew about the Flood 40-50 years before it occurred.
w10 12/15 pp. 30-31
http://wol.jw.org/en/wol/d/r1/lp-e/2010928
Of course, that is not to say there is not an advantage to the WTS if this thinking does gain popular traction through rumour and osmosis. As someone said above, it takes the heat off the WTS whilst giving them plausible deniability that they never actually suggested a link.
BTW - when I say "before it occurred" I just mean in the words of the WTS, not that that it actually occurred.