I have no idea what sort of goal you can expect. I can tell you that between 6 July and today, my power at 126bpm has increased from 189W to 217W by mostly riding at around that HR.
Keep checking the MAF test results.
But yes, you are about 6 weeks in to a multi month (some say multi year) programme to improve your aerobic conditioning. So at least another couple of months before you add higher intensity stuff for a few weeks or so.
At that point, then following the MAF programme, you would do hard, high heart rate efforts of around 15-30 minutes once or twice per week.
Here is a section from an article by Mark Allen - it is about running, but I think it applies more broadly.
"Over time, however, you will get the maximum benefit possible from doing just aerobic training. At that point, after several months of seeing you pace get faster at your maximum aerobic heart rate, you will begin to slow down. This is the sign that if you want to continue to improve on your speed, it is time to go back to the high end interval anaerobic training one or two days/week. So you will have to go back to the NO Pain, NO Gain credo once again. But this time, your body will be able to handle it. Keep at the intervals and you will see your pace improve once again for a period. But just like the aerobic training, there is a limit to the benefit you will receive from anaerobic/carbohydrate training. At that point, you will see your speed start to slow down again. And that is the signal that it is time to switch back to a strict diet of aerobic/fat burning training.
Keep your interval sessions to around 15-30 minutes of hard high heart rate effort total. This means that if you are going to the track to do intervals do about 5k worth of speed during the entire workout. Less than that and the physiological effect is not as great. More than that and you just can’t maintain a high enough effort during the workout to maximize our benefit. You want to push your interval making each one a higher level of intensity and effort than the previous one. If you reach a point where you cannot maintain your form any longer, back off the effort or even call it a day. That is all your body has to give."
I would say that sounds rather like a 5x5 or maybe a 5x6 VO2 workout, doesn’t it?
But, I do think it is worth noting that batwood14 over on the TR forum seemed to be training for the type of ride I have seen you describe here. He had very good results from a block of Fatmax type workouts, with hardly any VO2 at all. Just a couple of 30/30 sessions very close to race day.