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Concerning the speaker terminals, although open ended speaker terminals are no different electronically than unwired speaker terminals, I recommend wiring them up. Different headphones require different loading. Having the speaker terminals wired makes it very easy to optimize the loading to suit the headphones.
For example, my Yamaha RH10MS headphones (Z=40ohm) sound their best (really, really good) with 10ohm to 25ohm resistors attached to the speaker terminals ...
This is the best, most practical suggestion I've heard for sensitive low-impedance phones - thanks for posting!
This approach will reduce the amp's output, so for those less sensitive phones that have low impedance and need more damping, follow Doc B's suggestion to bypass the 120 ohm resistor with some wire, or a smaller resistor.
Headphones vary widely in sensitivity and impedance, so optimizing for a particular set is always going to be an adventure.