Your approach is flawed, and the audio in a 120 fps clip will probably have problems.
Make your Comp a standard frame rate. Pick 24, 23.976, 25 (PAL), 29.97 or 30. There is rarely any reason to create a comp with a frame rate above 30 fps. The human eye perceives motion between 12 and 18 frames per second. That's why Bugs Bunny cartoons look good. They are only 12 frames per second. Each animation cell was drawn once and photographed twice.
Select your footage in the Project panel and open Interpolatte Footage from the File menu or right-clicking on the footage. If the footage was shot at 120 fps and you want to slow it down by half, so one second of real-time is two seconds of screen time, change the frame rate to 60fps. If one second of real-time is to be 4 seconds of screen time, change the frame rate to 30 fps. Changing the interpreted frame rate of the footage will also change the playback speed of the audio.
If the interpreted frame rate for the footage is an even multiple of the Composition frame rate, there will be no blended frames. If the interpreted frame rate is not an even multiple of the Comp's frame rate, there will be blended frames, but that is rarely a problem, and After Effects has several options to reduce any troubling artifacts. Every motion picture you watch on Television has blended frames because they are shot at 24 fps and broadcast at 29.97 or 25 in Pal countries.
You can also use Time Remapping to speed up or slow down the footage, but I always start with frame rate interpolation first.
To fix problems with the audio track, you may have to transcode the original footage using Audition or the Adobe Media Encoder and set the output frame rate to one of the standards (23.976 to 30) or export a 16bit 48KHz PCM Wave file from Audition. You can also retime the audio in Audition and make other adjustments to improve and/or repair other audio problems.