Well, might be easy since the original game had a limit at 120 FPS anyway, so maybe it's just the matter of hooking it up to a customizeable variable

As for the reason: When running at high refresh rates, it'd be a lot better if you could lock to half of your refresh rate (V_synched at 50% if you want it that way). I.e. run at 40 FPS at 80 Hz. This way, you wouldn't have any stuttering anymore (unless it goes below 40).
The problem is big changes in framerates, which will always result in "stutters" which you cant get rid off unless you max your FPS all the time - or keep it stable by locking it down.