Don`t know if you want to stay with the stock brakes or do the upgrade to the W126 Rotors and Calipers. going with this upgrade you will be going from the solid rotors the w123 uses to the vented Rotor the w126 uses.
The pluss of upgrading is it will cool the Rotors and cause less brake fading.
The first generation W126, 81 - 85, you can still use your 14" wheels.
If you go to the 2nd gen w126 Rotors, then you would need to use 15" or larger wheels. the rotors on 1st gen are 11' and 2nd gen 12".
Upgrading w123 with 1st generation w126 brakes
was searching for a few other up grade threads but couldn`t find any, but came across this post by MBDOC
W123->W126 Brake Upgrades, what fits?
Charlie