Any question answered...

If it's steel then consider cold setting it to 130mm spacing.

http://sheldonbrown.com/frame-spacing.html

Depending on the hubs you may not even need to. From that page:-

Ideally, the frame spacing should exactly match the hub spacing. This makes for easiest wheel replacement. In practice, however, there's a fair amount of latitude in fit. In fact, when the first 130 mm 8-speed hubs were introduced, they had locknuts with beveled sides, so that you could "spring" apart the rear triangle of a frame made for the then-standard 126 mm spacing.