I have a v2 scandal as my second “spare” bike, the headset has an external lower cup for 1.5″ applications and I believe you can run an internal lower with a 1.125″ fork, but there would be no room for an internal with a 1.5″
With a 1.125″ fork an internal bottom cup you would be fine on clearance
The Scandal has steep angles anyway so running a 120mm will only slacken things by 1 degree ish which I am sure you will not notice and would still be steeper than most other bikes, you could probably limit your fork to 100mm as most can
Are you trying to lower the front or change the angles, if the former just use less stem spacers or flip the stem over