160mph available? Why?
Back then you were lucky to get three forward gears, maybe four? Now it's pretty common to have four or five forward gears and on some have even higher (new vette has eight).
The instrument cluster gauges are generally set for whatever the highest end vehicle being offered in that product line are, aka a TOL version with a V8 and a spiffed up transmission might get to 140 on a track BUT the ECM and other safety devices will probably have the car top out at 110-120. Unless you have tires rated for that kind of speed/heat AND you can handle a car at those speeds (even a twitch of the steering wheel will probably lead to disaster) 110 is probably plenty fast enough.
We recently drove from Michigan to California. You can legally drive 80 mph is Utah. I set the cruise at 83 and watched people pass me (we had turned south onto I 15 and were on a straight and level area.) My previous car was not pleasant to drive above 80/85 mph. Current car had no issues. At one point I disabled the cruise and was just keeping up with traffic (not that there is much traffic in that part of Utah). I looked down and we were floating along at 90 mph. I immediately backed off. I did note that the tach still had about 2000 rpm in the "safe zone" when I backed off the gas. The car has a V6 and a six speed automatic with overdrive. BTW, at 90mph we were still getting about 25 mpg.