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Would I've able to replace the locknut on this for something thinner?
Not by enough to actually make it fit properly, you don't really want to go below about 4mm thick for any of the threaded parts. Plenty of people have been fine with springing frames out by 10mm, so unless you're actually going to get down to 110mm and make the hub slide in, it's not worth dicking about trying to find a few millimetres.
Hmm really didn't want to have to buy/build a new wheel, this was meant to be a parts bin build. Looks like filings and stretching will be the way forward. Would I've able to replace the locknut on this for something thinner?