sorry but they do! actually two of, they are located on the crank and take the form of centrifugal tin oil slingers, they can be cleaned out if the motor is stripped, but much better to remove them (factory crimped on) and replace with new, they do have a very long life 80 or 100,000 miles perhaps, the frequency of oil changing and type changes this, a detergent oil (hence my preference for a diesel suitable type) is better as dirt can be suspended in the fluid, the centrifugal "slingers" as they are generally known take the form of seperating and retaining solids even small ones, but as I say a very long life between clean outs and could even be the same as crank life, not the same worry as Triumph type and BSA type (which I have experience of) there is a "rock catcher" mesh in the sump plate and on 120's this is finer than on 180's, not sure about the transitional Jota 120, but......... incompatible oils can cause a build up of fluff around this strainer, no one has logged the types that do not like each other, my advice here is to change it, using your chosen type, then change it again at about 70 or 80 miles and see if there is any build up of what looks like very black oily cotton wool, (using at all times the same brand/grade of oil) if you see none, no dramas, if you see some, even small quantities change again after another 70 or 80 miles and check again, you are done when the strainer is seen clear, quite rare but a short oil change never does any harm.
but....
"If I can expect 40+mpg with a 4 1/2 gallon tank"
its certainly not a 4 1/2 gallon tank no matter what you read, more like 18 litre and a bit maybe, and 40+ MPG is also not terribly likely, it took me years to get anywhere near that with TOG at motorway cruising speeds, and I burnt out pistons trying!
CLEM