Well PICO 120W shouldn't even be able to handle MAX currents that your system draws from 5VDC.
well the PICO 120W outputs 7a max on the 5v rail same as pico 200.
on my old project a pico 120w powered the same config but had 256Mb of ram,floppy drive added but a fan was needed to keep the pico cool. this project had no problem whatsoever. if i remember the PICO's do have **overload protection** correct me if im wrong
PICO PSU will normaly fit in a case where a fan may be present ( fan depending on computer system ) the case fan will keep all componets cool including the PICO PSU.
i do remember reading somewhere that when the PICO reachs near it peak output its best to fit a fan.
a fan is not always needed it down to the load on the PSU,on the amiga pay attension to the 5v rail. in a standard A1200 with a expansion card this may be fine,but as you put more load on ie gfx card,sound card whatever you are going to need a fan,as when the PICO gets to hot it may give-out spikes on the 5v rail which locks-up the whole system, this is why i added a fan on my old project to fix the problem.