Editing the "motogp2.exe" executable with HxD, I found out that the number at offset 730A6h will in fact change the game's maximum frame-rate. The default value is 3C 00 00 00 (little endian, right-to-left), which puts it at 60 FPS. The kicker here is that the game's running speed is also tied to this value. So if you were targetting for 120 FPS and change the value to 78 00 00 00, the game will run at double speed. I'm hoping that someone here can help figure out how to change the game's running speed after the cap is raised.
Alternatively, at offset 1B235h (or just search for this hex string: 6C 5E 00 | 00 00 80 3F | C7 05), there's a floating point value of 1.0 (00 00 80 3F). Raising this value will also raise the FPS cap, but game speed is still tied, meaning it will speed up the higher this value is.