No.
The SL-120 is an SL-1200 (MkI) with the tonearm removed - the 120 and 1200 share the same user manual, and the specifications and construction are identical - the only slight difference is in the tonearm mounting plates. So if you remove the tonearm from an SL-1200, you've effectively got an SL-120, but with a tonearm mounting plate that's designed for the Technics EPA-120 tonearm that you've just removed. Not all tonearms, particularly those of different lengths or which need strangely-shaped holes (e.g. SME) will be direct swaps, unless the mounting plate is changed to suit the tonearm you want to fit.
There are instructions from SME for how to fit an SME tonearm to the SL-120 here
http://www.vinylengine.com/library/technics/sl-120.shtml . The SL-120 used to be supplied with two arm mounting plates, one of which was cut for the SME 3009 Series II, SME's latest tonearm from the early-70's when the SL-120 and SL-1200 were first released.