Well, a simple calculation for ABV is Gravity fermented * 131 = ABV.
You can reverse this and say ABV/131 = gravity fermented.
So a yeast with an alcohol tolerance of 18% ABV (like EC-1118 ) could be expected to consume 137 gravity points (dropping the gravity by 0.137) assuming it reaches its tolerance and doesn't get stuck.
I'm sorry, I should have been a little more clear.
If the ABV/131 = gravity fermented (the difference between Starting Grav and Final Grav)
then with a yeast with a tolerance of 18%, you divide 18/131=0.137
with a yeast that has 14%, you divide 14/131=0.107
So if you start the same mead with a gravity of 1.120, and use the yeast with 14% ABV tolerance, you will consume about 0.107 (107 gravity points) leaving an expected final gravity somewhere in the neighborhood of 1.013 which would be a little sweet.
That would be the difference in using the two yeasts starting at the gravity of 1.120. One will finish bone dry with around 16% ABV and the other will finish sweet with about 14% ABV.
I hope that is more clear.
Medsen
Oh, as for the original gravity having an effect - the answer is yes it can, but not usually in the normal range we make meads with. As you start with higher gravities, the osmotic stress tends to reduce the final alcohol tolerance of the yeast so they will produce less alcohol (and reduce the gravity by less) than if you started at a more reasonable level of sugar. This generally doesn't become a significant issue with the gravities below 1.140-1.150.