Would the maximum fine be based on uk avg earnings and therefore would the worst case be £1000 plus 6 points or a ban of up to 56 days?
The fine would be based on £440pw, as explained above. The maximum fine for speeding (other than on a motorway) is £1,000. With a guilty plea that reduced to £667. That speed will attract either a ban of up o 56 days or six points, regardless of plea.
The mitigating factor was what I considered a damaged and dangerously driven Toyota Prius which was driving down the middle of the road, weaving around at about 22-25 mph. I accelerated past before returning to the speed limit.
I would not mention that as it actually aggravates the offence. What you are saying is that you noticed a car being driven erratically, weaving across the carriageway. It was in front of you so causing you no danger but nonetheless you decided to overtake it at almost twice the speed limit (thus placing your car in a position where its weaving might cause a high speed collision).
Exceeding the speed limit to avoid danger is rarely justified. In those circumstances the sensible thing to have done would have been to have remained behind it at a safe distance or stopped until it had disappeared.