Bruce M -
Stringing any system in series or series/parallel can lead to problems. It can be done, after all most batteries are made up of a string of 2 volt cells, but the higher the count the more attention to detail is needed. Most of my systems are 48 volt, with one 72 volt and two 24 volt systems. I have found that higher voltage systems seem to give less problems when 24 volt panels are used. This is probably just fewer connections to worry about. I have had good luck with Sharp 175 panels, 35.4 volt, 4.95 amp. They string together nicely at least up to 72 volts.
However you go about it, fused combiner boxes that are truely weather tight are a must. The higher the voltage, the more attention needs to be paid to balancing current flow and wire size. A 1% loss is about all that should be allowed. This may mean that you really need #2 wire when you were hoping to get by with 6 ga. Run lengths should be matched, which can be a bear depending on the number of combiner boxes in a system.
A couple of good reads:
A Guide to Photovolaic System Design and Installation - Cal Energy Commission - abcsolar.com
Planning a Code-Compliant, off grid PV System - Sandia and NMSU - nmsu.edu
As always, NEC and NEC Handbook should be at hand for light reading, especially note the changes to section 690.35 about grounding in PV systems above 12 volts. So - short answer, yes it can be done. Long answer, carefully....
Finally, a question. Why a 120 vdc system? I like 48 volts because so much telecomm equipment comes on the used market, and the higher voltages can be expensive to work with. I only use the 72 volt system because I have an old Sola true sine wave inverter that refuses to die, it is over 25 years old now and still works like a top.
Any questions, just ask. Oh, and by the way, I have (reluctantly) inspected systems up to 480 vdc, 40,000 ah. Can literally make your hair stand on end.
DaveW