Yakker - having a brain-dead moment here. How does a cranked wing produce no lift s&l? Surely it will develop a lift vector perpendicular to the surface?
I also dispute that by raising the nose and lowering it again you won't get back to 120. If you raise the nose, you'll slow down and probably climb. If you lower it, you'll speed up and probably descend. Once back in equilibrium (which may take some considerable time - see other posts), power+attitude = performance: the same as before, since nothing in the force equation has changed.
This step thing is fascinating isn't it!?