FWIW, you don't need to build an FI2, you can just use bootable SD card. If you want to use FI2 loading to make the card bootable, you can use the autobuild for that.
The notes.txt for SX120 says FI2 is disabled because it doesn't work, but this seems to be outdated, since it isn't actually disabled. Someone in the discord did mention that they needed to hold the play button while doing the firmware update process though, which suggests the startup key logic may be wrong.
Anyway, if you look in stubs_entry.S, you'll see
KEYSYS = d4# Found @ 0xffff1d0c
That should be the address of the key. The IV is the same as all the later d4* ones with offsets listed.