Yep! They are interchangeable. In fact, you could use any powerhead from 85-150.
Also, when Merc started putting the powerhead on the Merc midleg and lower unit, it still was the same mounting pattern. They simply made a match plate to adapt the block to the Merc leg, but the splines inside the crankshaft are different than the earlier Force. So if you acquired one of those blocks, you would need to change the crankshaft. And of course, the 150 being taller might not fit under the cover.
Do you know about lower units. Which years are interchangeable or HP. I have a 1986 Force 125 and need a lower unit?Oh! I thought you were talking about the whole powerhead! Just the cylinder head is a different story.
Force made two different versions of the 120. One was 3.375 bore and the other was 3.3125 bore. The head from a 3.375 bore will fit on a 3.3125 bore BUT the pistons of a 3.375 bore will hit the 3.3125 head. Put your existing head gasket against the other head. If more aluminum shows, then the combustion chamber is smaller and it will not work UNLESS you grind clearance on each side for the ends of the piston baffles. Yes, there is plenty of metal there to grind--it's less than 1/16. each side. Remember the piston is only .0625 bigger. 1/16 is .0625.
The bolt pattern is the same and head gasket is the same for all 4 cylinder heads. Really everything is the same except the older head looks more massive and the overheat indicator is in a different place--actually, if you compare, it's in the same place on the head. Just looks different. It is also held in with a circlip with a spring behind the rubber plug. But why do you want to replace the head? the only thing I see is some slight pitting on the clean #4 combustion chamber. It looks like a piston was melted at one time and replaced--that is if you have a good one in that hole. This pitting won't affect performance--of course, if you are a perfectionist like me it will bother you.