I know Contra Dance is usually pretty quick, but 140 bpm seems a bit on the aerobic side for those dances. For what it's worth, the Wiki page on Contra Dance says they're "played at a narrow range of tempos, between 128 and 133 bpm."
Traditional Irish/Scottish and OldTime music isn't usually played quite that fast, in my experience. As far as standard references go, I believe the RSCDS (Royal Scottish Country Dance Society) recommends 116 bpm for reels and jigs. Competition reels in Highland piping are played at 104 bpm. Just general guidelines, because some reels played in a session setting want to be faster, some slower. Personally, I find 112 bpm a good number to shoot for when practicing Irish reels.
The tempos mentioned here for reels in Irish/Scottish trad are counted as 2/2, although they're usually notated 4/4 for easier readability. In Bluegrass circles, a reel is usually counted in 4/4, so the bpm numbers would double (112 bpm becomes 224 bpm). Confusing, innit?
A few years ago, a poster named Gary Martin over in thesession.org forum made a study of the tempos for reels played on recordings by a few prominent trad musicians. The numbers shown are for lowest tempo, average tempo, highest tempo, and finally the number of reel sets included in the sample.
Willie Clancy 100 107 113 12
Paddy Canny 107 109 113 7
Kevin Crawford 83 109 119 16
Joe Burke & Andy McGann 108 111 113 8
Frankie Gavin 99 111 127 12
Kevin Burke 100 113 124
Joe Burke 113 114 120 8
Liz Carroll 91 115 132 26
Mary Bergin 107 116 124 8
Michael Coleman 104 117 128 23
These are recordings by top players, and the tempos might be a bit quicker than you'd find in a local session. The variability is interesting too, showing that you don't want to always play at a fixed tempo. Some sets need to be faster than others. However, notice that the average tempo floats around that 112 bpm number, so I'm comfortable adopting that as a personal target for practicing reels.
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