You answered your own question. All my massive billboard outputs are scaled 1:12, or 1 inch for every foot. Then on output its scaled 1200%.
Unrelated, if I was working in metric I would do a 1:10
If everything is vector your fine for quality. If you have any raster images or if you have any transparency effects that rasterize when flattening then you have to figure out your optimal resolution and factor in that it is being scaled up 1200%.
To figure out your resolution you need to know your viewing distance. 300ppi is great for regular print jobs viewed at arms length but on an oversize print its absolutely insane.
1) The human eye couldn't tell the difference
2) Its just going to get downsampled before its output anyways
3) For absurdity sake if your output was 108 feet by 16 feet and was all raster at 300ppi and CMYK you would have a 256 gb file.
For some perspective, an average human looking at a billboard from 60 ft back in the most optimal conditions couldn't distinguish the difference beyond 9.5 ppi. That is with sharp monotones, when colour halftones get in the mix the number drops more.
100 ft = 5.7 ppi
80 ft = 7.1 ppi
60 ft = 9.5 ppi
40 ft = 14.3 ppi
20 ft = 28.6 ppi
10 ft = 57.2 ppi
So say you wanted it at 10ppi @ 100% final output your working file at 1:12 scale would need to be 120ppi.
--Addition to Vince M's answer bellow
You can't make a 108' (1,296") artboard in Illustrator so you do have to scale.
Cheers