IME the main limiting factor on increasing fork length on older bikes is the raising of the BB.
I've put a u turn 85mm-130mm rockshox reba (axle to crown 465mm-510mm) on a frame intended for a 80mm manitou fork (axle to crown 440mm). It was fine at 85mm travel (20mm longer axle to crown length), in fact maybe even an improvement, but anything above that the increased height of the BB became sufficiently negative to offset any other improvements.
This mainly manifested as a negative impact on cornering (especially noticeable when linking up a series of berms, as when you're leaning the bike the BB is having to pivot through a wider arc), and also a slacker seat tube angle and effectively a very slight reduction in top tube length.
I personally wouldn't worry massively about the frame strength side of things, unless you're doing something ridiculous like fitting some 160mm Lyriks to a pre 1997 frame.
A 40mm increase in axle to crown length is pretty significant in terms of handling, but will only be around a 10% increase in lever length. Unless you're already on the edge of the bikes intended use (IE you're heavy, riding at a decent race pace, and hitting sizeable features), I don't think that's going to make the difference between safe and unsafe to ride.
I would however, consider whether fitting a longer, better functioning fork might cause you to ride the bike outside of it's intended usage (IE hitting bigger features, drops etc).
A bigger fork will probably allow you to ride a bit faster, so it's also worth bearing in mind that since kinetic energy varies with the square of your speed, a 10% increase in riding speed (eg through a rock garden) will have a bigger effect than a 10% increase in rider weight or fork lever length - but won't effect the force/energy associated with drops as much (where rider weight and fork length are more important), so depends a bit on the trails and riding style the bike will be exposed to.
IIRC fox forks have a slightly shorter axle to crown length than rockshox for a given travel, so I'd say 100mm would almost certainly work great, and 120mm could also be ok - depending on the starting height of the bottom bracket and your tolerance for increasing this.
Let us know how you get on, I'd be interested to hear your experiences and thoughts!