Yes on all your Q's. I don't know what the rev limit is on your 128i, but its probably around 6,500 rpms or so. Once your engine is fully warmed up you could find out though.
All BMW have a top speed limiter. All cars come with a 130 mph speed limit. On cars with the M-sport package, which includes "#840 speed sync" the limit is raised to 155 mph.
You can look over your build/options sheet for this special option:
840 Increased top speed limiter
Dackel