I cannot say whether 120Hz would be a huge difference because my primary monitor is a CRT, and using 60Hz on a CRT is a flicker-fest so 90+ Hz is kind of a requirement. Therefore I cannot recommend any monitor, but I personally would get one with Adaptive Sync (future Intel iGPUs will support it, possibly starting with Kaby Lake). Really, I'd say that you'd get a bigger benefit from just interpolating to exact multiples, like 25fps to 75Hz rather than 25fps to 60Hz.
Uhh, no, you don't need an Nvidia card...why would you need that? O_o Both Intel and AMD GPUs can handle 120Hz perfectly fine seeing how I use both an integrated Intel GPU and discrete AMD GPU on my CRT monitor at 90+HZ.
Regarding performance, 120Hz is barely more demanding except in two cases:
1. Doing 5x interpolation, like doing 24fps to 120Hz is quite a bit more demanding than doing 4x interpolation like 24fps to 96Hz.
2. Interpolating 60fps to 120Hz considerably more demanding because that'd be at least twice as many frames being interpolated every second (though SVP doesn't interpolate frame rates greater than 47fps by default; see: http://www.svp-team.com/forum/viewtopic.php?pid=56025)