Hi all. Many posts under the bridge here - thanks to everyone for jumping in. I will try to address them.
First of all, this amp will go pretty loud. But it will not cleanly go as loud as I think it should with that kind of wattage and headroom. That is an uninformed suspicion only, which gives me the idea to run an experiment to get the facts. The result will be either: 1. the amp works and my expectations are too high/ears too crappy, 2. the amp is not putting out rated power and should be replaced perhaps with a real power amp such as a 200-300 watt Crown ($300-500). If the latter, I can run the same experiment to determine safe levels for the various 6-8ish ohm speakers.
I both love and fear the idea of recycling some Nichrome device for this. Probably not quite as dangerous as a microwave-oven-magnetron spot welder.
On clipping and amp compatibility: Not sure why the spec sheet is invalid when speakers are hooked up. If an amp is FTC-compliant rated 120 watts into 8 ohms 20-20KHz with 2dB of headroom, that is a statement of fact, and further it indicates a powerful amp that should be capable of loud clean sound. Also the amp exhibits the same behavior with at least 4 different speakers. If the amp doesn't like them it is defective or out of spec, and that is what I'm trying to figure out.
Regarding the cheapness, of both the original and a used similar replacement, both are definitely true. However I could get into the same situation as I am now, with uncertain power and performance, and not sure how far I can go without endangering the speakers.
The EU spec is interesting but ultimately immaterial (another poster mentioned it earlier in the discussion also). The rating differences probably are for a rebadged lower model, or relate to the power supply and the greater line voltage. In any case this is a US spec unit and the published specs are regulated by the FTC parameters.
And on the measurement, I need to think about that solution a little more. It seems doable - will do some reading.
One thought to close with: It is possible I am just looking for an excuse to buy the Crown.