I'm sure Caleb can address your thoughts and questions more eloquently but he's been a busy dude today, so I'll do my best in the meantime. 
Personally my philosophy is to trust what your ears are hearing first and foremost and then to take theoretical/ scientific considerations into account later. The bottom line is that not only is everyone's room different but also everyone hears things a bit differently due to their personal preferences.
However, my experience and understanding of physics tells me that crossing your sub over at 120 Hz is getting dangerously close to the point where the sound will become localized, which we all know is bad in terms of a subwoofer. 120 Hz is not that far off from a deep human voice, which we can all locate with our ears.
Additionally crossing over your bookshelves at 150 Hz when they are capable of going down to 75 Hz is probably underutilizing their capabilities in my opinion. Here's where personal preference comes into play, personally I want to hear as much fullness and range from my fronts as possible and I only want my sub to be taking care of those deep tones that it was designed to produce. Your preferences or the qualities of your room may lead to very different priorities or expectations for how you wish your system to sound.
At the end of the day, your system should serve your needs and cater to your preferences, after all it's your system, your money and your time that you've invested. All the theory and expert advice in the world doesn't count for a hill of beans if the system doesn't please your ear.
That's my two cents, hopefully others will chime in as well. Thanks for posting and have a great weekend!
Jason Hicks
Aperion Audio Guru