Great googly moogly... with anything, it depends on the source... if you have a loud source, like a seriously loud guitar amplifier... you won't need gain from hell... if you have a quieter source, yeah, you'll need like 60db worth of gain... but most competent mic pre's [not sure about shit like the "audio buddy", etc.] will be able to do 60db of gain without flinching... the Hardy M-1 would certainly be more than capable of working well with pretty much any ribbon mic ever made.
The R-122 has an internal amplifier that does a couple of things... first, you'll require less gain; but more importantly... the "head" element is coupled to the internal amplifier which nets a better consistency of tone from pre-amp to pre-amp... fewer "coupling issues".
This could be a good thing, or a bad thing depending on the tools at your disposal, and your intention for the tone you're recording... sometimes the loading variations are a very helpful tool in defining the sound you're recording... sometimes they get inthe way.
Overall, I've found the 122 to be a bit more "focused" on the top and bottom... which can be a good thing, or not a good thing depending on what you're going for. The 121 and 122, while similar in character, are really two rather different microphones.