The gas motors will do as many miles as you want them to, they will just cost more getting there.  My dad's 420SEL has 290k on the original engine, head was redone/new cams/timing chain about 75k ago. Runs beautifully. My 300E has 157k and hasn't had much engine maintenance done other than fuel injectors/sensors/valve seals....etc, also runs excellent. The 420 gets about 19 city 23hwy driven *normal*, driven hard its more like 14/17. The 300E gets about 18 city/27hwy.
In a W126 I'd go for a 420SEL and in a W124 I'd go for the 300E (M103) in my opinion.
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-diesel is not just a fuel, its a way of life- 
'15 GLK250 Bluetec 118k - mine - (OC-123,800)
'17 Metris(VITO!) - 37k - wifes (OC-41k)
'09 Sprinter 3500 Winnebago View - 62k (OC - 67k)
'13 ML350 Bluetec - 95k - dad's (OC-98k)
'01 SL500 - 103k(km) - dad's (OC-110,000km)
'16 E400 4matic Sedan - 148k - Brothers (OC-155k)
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