Don't worry about it scorching on the bottom of the pan. It happens occasionally, and I've never noticed any effect. Obviously you want to try and prevent it, as I am sure that if you scorch too much, it might start affecting the flavor.
Now, 1.120 is a problem. What was the recipe and volume of beer, and someone will tell you what it more likely was.
Now if you added in a ton of honey, you might have gotten there, but I suspect the wort probably was not fully mixed and you got a bad reading. For reference, to get a 1.120 OG in a 5 gallon batch, you would need about 17 lbs of LME + honey.
At 1.120, yeast starts having problems because wort gravity puts high pressure on the yeast cells. Beers this high are often started at a lower gravity and additional sugars added as fermentation proceeds. If you did get it to ferment, you run the risk of it finishing high and being very sweet.