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@Scilly.Suffolk
"Cinelli" not Cenelli.
Although Cinelli do make frames, they also manufactured frame components such as BB shells, so the bike isn't likely to be a Cinelli (pretty sure they never used 531).
But it does suggest the frame is of reasonable quality, as Cinelli parts weren't cheap.
The 126mm wheel will have a thread on the hub to accept a freewheel (7 speed and below); the 130mm wheel will have a freehub and accepts a cassette (8 speed and above): you should familiarise yourself with the difference.
You can't use the axle from a 126mm wheel in a 130mm wheel: obviously it will be too short.
Using threaded bar as you've described, will do nothing except possibly misalign the dropouts so the wheel is no longer centred.
If you must, then look-up "cold setting"; but it's not necessary: steel will easily flex the required 2mm on each side with no ill effects.