Sometimes chronographs give high readings. I have an Oehler 35P that has given really high readings for me on several sessions out of thousands of them, and I don't know why. Hodgdon's maximum load is 120 grains for the .54 roundball and Triple 7 2F. So if your velocities are repeatable, something is abnormal. Can you try the same patch, ball, lube and powder charge with Goex 2F, and get normal velocities?
I built a Christian Hawken Lancaster caplock with 42" barrel, and with 80 grains of T7 2F I got 1832 fps for 5 shots and 1840 for another 4. 90 grains gave 1946 fps for 5, 100 gave 2048 for 5, 110 gave 2161 fps for 5, and 120 gave 2238 for 5 and 2210 for another 4. These are much higher velocities than the Hodgdon loading manual shows, and I E-mailed this info to Chris Hodgdon, thinking maybe the pressure was excessive. He wrote back "you don't get something for nothing", meaning I guess the pressure was high. But he didn't say don't use that much powder. Of course, I only do this in rare testing.
In a Henry Albright Lancaster 42" .54 flintlock I built, I used 75 grains of T7 2F with 5 grains of Goex 2F booster on top of the charge in my measure, dumped down the barrel, and primed with 4F (or maybe 3F or 2F black, can't remember). Eight shots averaged 1736 fps with 44 fps spread. Another group of nine shots averaged 1724 fps with 44 fps spread.
I compared T7 2F with Goex 2F and Swiss 1 1/2F in a .58 Hawken flintlock fullstock I built. Do a search, go to Shooting Accessories, Re: 777 load for a .58 caliber, post by Herb, date 1/08/08, and you will see a photo with the loads, velocities and targets with my rifle.
So, do some further checking. Something is abnormal with your velocities.