I'm at the edge of my knowledge here, but if you put UK clocks in and removed the converter/delimiter, you'd still be limited to 112mph. This is because (I'm not 100% sure of this) the speedo is the only component that decodes the pulses into a number. The rest of the components (odo, ECU, etc) still use the "4 pulses per wheel rev" signal. The JSpec ECU prevents further acceleration when it receives an input pulse frequency equivalent to 112mph: without reducing or capping the pulse frequency, you'll be limited to 112mph. To disable the speed limit, you have to cap the pulse frequency (this is what the good limiters do), or as a nasty fudge scale it back by a big enough factor so the engine runs out of puff before you reach an "alleged" 112mph. E.g. if you reduced the frequency by half, an alleged 112mph would be an actual 224mph, and a 2JZ without serious modifications wouldn't reach that.
I think your odo (if it's a JSpec one) would count up in kilometres. The JSpec odo counts the pulses, and displays the number as the number of kilometres travelled. A UK odo counts the pulses and displays the number as the number of miles travelled.