New Approaches Champion rating was a nonsense and the BHA only gave him 124 for it anyway. They had to give him it because he won by 6 lengths but the reality is it was a poor race and his 10f efforts prior to that back this theory up. Duke of Marmalade put him firmly in his place. Yes he pulled hard but STS did that and won doing handsprings. New Approach was a very good horse, but he was a nutcase and was high 120's at best.
Aragorn, I think you are taking the value of certain races much too literally. New Approach was a very complicated horse, and to compare him pulling hard at the start of a race (such as the Juddmonte) with Sea the Stars at the beginning of the Arc is really wide of the mark. Yes, they both pulled for their heads, but to massively different degrees.
Plus, New Approach clearly wasn't right after an injury in the Juddmonte. This, allied with the stubborness of Bolger in trying to ride him in a restrained manner led to the horse underperforming in both the Juddmonte and subsequently the Irish Champion.
However, I don't believe there was a horse in training last season who could have lived with him in the Champion Stakes, where he was finally ridden much more positively, and produced an outstanding performance, one which Duke of Marmalade would have had little chance against.
I think a rating in low to mid 130s is what I would have had had New Approach on for his Champion win. Like Sea the Stars, I don't think we ever saw the best of this horse, and thought it ironic (as Bolger commented) that he put in his best, most professional performance when he was on his way to stud. Great horse to watch, and have seen.