Performance issues? There's a law of nature to the effect that a lens can be optimized for only one pair of conjugates, but some design types, e.g., dialyte, lose little when used at magnifications far from the ones they are optimized for. This is why Rodenstock used to advertise that Apo Ronars were better at distance than telephoto lenses. Used to advertise, modern teles for LF are much better than the teles on the market when Rodenstock's marketers made the claim.
All that said, a modern lens optimized for closeup will perform better closeup than a modern lens optimized for distance, and vice versa. Whether the gains in image quality from using the right lens for the job is worth the cost of buying two is an individual decision that depends in part on how much the negs are to be enlarged.
Rockwell is an entertainer, not a serious person. Small formats force low magnification. At the same magnification and effective aperture, all formats have the same DoF, but larger formats capture more of the subject.
The OP wanted to know whether a 120 mm macro lens could be used for general out-and-about photography on 4x5. Short answer, no because it won't cover the format at infinity.
Whether macro work is better done with a smaller or a larger format depends on the size of the final print. My good 35 mm KM slides won't print satisfactorily at 8x10 because I shoot at too small an effective aperture. My good 2x3 E100G trannies shot at the same effective aperture will print will at 8x10 because they don't need to be enlarged as much and because the film isn't that much less sharp than KM.
But those 2x3 shots contain much more subject than the 35 mm ones. Here's an exercise for you: calculate DoF and maximum resolution possible in the plane of best focus for a shot at 1:1 and for a shot at 2.25:1. That's the difference in magnification between a 1:1 frame filler on 35 mm and the equivalent frame filler on 2x3.
Cheers,
Dan
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