The distance between the lip of the dust seal (the point where the dust seal touches the inner tube) to the bottom of the inner tube (the point where the inner tube fits into the foot) is 116mm. The actual useable fork travel is less by 10mm. or so.
Use this measurement to set your sag. You are looking for about 1/3 of your travel to be used for rider sag. I shoot for 35mm of sag for the busa.
However, as I said, if you set your sag with the bike on stands, it will not be accurate when you take it off the stands.
Before you start, crank the compression all the way in and count the number of turns. Write this down for future reference in case you want to go back to stock. I'd suggest you do the same with Compression and rebound. Count the number of clicks to the stop and write this down as well. If you get your suspension all whacked out you can always go back to the stock positions and start over.
Your compression and rebound settings are the major components that change the way your bike handles. If your suspension is not bottoming or topping out, you won't notice any difference in the ride after setting your sag. Be sure to set the sag at the rear as well.