2nd gens governor may be 105 or 106 mph around there, but you have a 1st gen, so keep in mind that on many 1st gen's it's lower, and some are apparently higher.
California Emissions 1st gens are speed limited to 96 mph. And just because you don't live in California, doesnt mean you don't have a Cali Emissions truck! Others here have claimed they can go 114 mph in their stock-PCM 1st gen, which I have no experience doing (heheh, I would not dare go that fast in a 1st gen).
If you get a chip, the chip programmer can remove the governor entirely. I suggest you have that done. And if you want to run a supercharger, you'll probably want to get have the chip and the MAF calibrated for that flow, and also the injectors.
Bolt-on mods done right will get you to 180-190 hp on the engine with the OHV. You can get it well over 200 with the supercharger, and head work, and of course chip/MAF etc to match. Then it would be pretty stout--for an OHV.