I have the No 2, which is designed for 120 film. Other than that they seem remarkably similar. It's a favorite of mine, having made two trips to Europe with me and been the instrument of choice for many of the shots I showed when I finished my last art grant. Most of the time I was shooting 1/50 at aperture "3" (f22) with HP5 - mid summer, mid day. Great look: quite clear but neither particularly sharp nor contrasty, even with what should have been 2 stops over exposure and full development.
I love the darn-near indestructable nature of the case and the looks I got when I hauled it out of my pocket to take shots in Paris. The Rodin Museum shot with a camera Rodin could have used...
I found that the red window could be covered with gaffers tape, lifted to advance the film, with no real problems.
If you're interested in making a mask to adapt the 116 window to 120, try roof flashing, spray painted black. It worked wonders for a 3A I've been playing with.
Have fun!