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@Halbert
that rear derailleur is a pre-2001 one, not designed to work with current levers. it has smaller actuation ratio, as opposed to todays derailleurs.
actually works flawlessly on shimano cassettes, but not on campagnolo.
see this:
http://en.wikibooks.org/wiki/Bicycles/Maintenance_and_Repair/Gear-changing_Dimensions
but, if the rear cluster is spaced cc. 3.9mm, it will shift just perfectly without adjustment ;)