yes you can do that, but it isnt' great for it.
URD makes a "speed unlimiter" which removes the speed limiter (of course) so you can "dyno it until redline" (yeahh....) on a dyno. (it'll top out in 4th gear way early)
I say this is OK if you're tires are rated for it, if not, i would STRONGLY NOT recommend going over 105... if u have Z rated tires, go for it. Comajoe (from customtacos.com )has had his srunner (2wd, v6, TRD/URD mods) up to 153mph....(GPS)

89 4Runner
3" BL, M/T locks, 33"bfg mt, bilstein, Kayline, tubebumper, toyotafiberglass panels
TBI: Elocker,3.4 w/ORS,b+b,S2Sstg2cams,arias pistons,P+P intake,TRDs/c,URDpullies+7th,downey headers,MAPECU2,WEGO WB, SupraMAF,walboro255,stg4clutch, EPaOo2 sim