The plus of batch capture is that it can help you view, log and capture more quickly, if you get used to the workflow, but you don’t have to load up your hard disc with – in your case – a sizeable percentage of 120 hours of material you don’t want.
If you mark ins and outs on the fly, and then choose the “log clip” option, you get to name and make any comments on the clip before capture, and can then go straight on. At the end of the reel you can use batch capture to gather all (or a subset of) of your logged clips, so you don’t have to return to that source reel unless you want to. You can do something els while the machine’s doing this, and I find total time view / log / capture is often less like this, compared to the method you outlined. On a (for me rare) project where I want to capture a whole reel, then Iv’e foudn scene detect to be good.
Batch capture seems pretty stable so long as source timecode is good (no breaks, like amateur DV often has) though sometimes I’ve found a shot or two is missed for some reason – then it’s reselect and retry capture, which for me has always worked so far.