Thanks all, for your thoughts, experiences and suggestions.
At the moment I have access to a Tripplite LCR2400 to maintain 120v here in Mexico. It works, with its "High" light on, which means it is receiving within 7% of 120.
Problem is that the unit often hums, and when it does it also emits a 360Hz harmonic partial that is heard all around the room.
Hence my question about the risks of tapping straight into the wall (127v).
I'll be replacing the TL soon, and TL Mexico has agreed to examine the unit (it's brand new, shipped from the US), to see if the hum can be resolved.