1) save your beans, keep your eyes peeled and buy exactly what you want... don't settle, you never know what the resale will be on gear you settled for, even the vintage market has its ups and downs.
2) do you really want to lug two cabinets around? a 1x12 is not half the weight of a 2x12. Even if the extra weight doesn't bother you because you can make separate trips, having a complex multi-component rig increases load-in and set-up time. Even with roadies to do it for you this can be a real nuisance at smaller venues on multiband bills with tight schedules. I've had some elaborate rigs but I always had a B-rig in place for shows with tight changeovers, short soundchecks and venues with difficult load-in areas... the wall of marshalls is not always great call and sometimes dashing in with a combo, guitar and shoulder bag with accessories is best, especially at the small club level where every band starts.
3) solid state is its own world regarding wattage... unless its a class D solid state design your cr120 will have a minimum impedance at which it will deliver the full 120watts RMS into said load. Ging beneath that laod will increase wattage but break the amp. Going above that load will reduce wattage. Every tme you double the impedance load on the output of a traditional solidstate amp you are halving the power, therefore a pair of 16 ohm 1x12s run on the parallel output jacks of amp will produce an 8 ohm load. If the amp's minimum load is 4 ohms then running it on an 8 ohm load will drop the RMS wattage to half.... however if the two 1x12 cabs are 8 ohms with 60 watts RMS handling each then they will combine to form a 4 ohm load and if the amp's minimum impedance is also 4 you will likely be risking the speakers if you are using anything approaching the full 120 watts (assuming orange accurately rated their amp). Vonversely, using two 4 ohm cabs will produce a load of 2 ohms and if the amp is rated for 4 minimum you will risk breaking the amp while playing even at 1. There's no guarantee you will blow those speakers with 120 into 120 though. Its a RISK, you can try it and if you aren't blasting them too hard with really squared off distorted waves they may well survive for decades because they might not be seeing that much RMS wattage and the peaks that are pummeling them will be short if you aren't using a blitzkrieg death metal distortion sound. Solid state RMS wattage ratings versus tube RMS wattage ratings are subject in and of themselves.... the other thing to consider is speaker distortion and whether you want it if you are going to try to drive 120 watts of power into 120 watts of speaker
there are rules of thumb but there's a lot to music electronics... buy a book... in the interim, read the manual to your amp and then get the impedance specs to the 1x12 cabs
if you read up and still feel nervous please refer back to my 1st point above or go with 2 1x12s, buy new speakers rated at 100+watts each and sell the old ones hopefully breaking even
