Hi Angus,
116mph gets driven at every day on UK motorways - in the appropriate traffic conditions I consider it safe and as you correctly say, you are using your full attention and become, if anything, safer than the lorries pulling out right in front of people, the drivers cutting in to exit with metres to spare, the idiots that don't return to the left lane as soon as thier overtaking is complete (biggest cause of motorway congestion and concertina-effect shunts). If it was a brief burst of speed on a quite road, consider yourself unlucky.
As far as a ban is concerned, you could get out on hardship if your employer (if they are funding your training) would suffer considerably. As stated, losing your job is not usually enough. You have to show that your employers and others would aslo be affected.
I would agree with some of the other comments regarding piloting though. A cool head is definately required - make sure you have one!