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@tristoo
I actually have 2 1970's Mercian conversions with 126mm rear spacing and I had the same concerns, I have a 42mm chainline I ended up simply going with my 120mm track hubs and tightening the rear ends together with the track nuts and the chainline is perfect and everything runs smooth, to tweak the chainline you can use hub spacers / washers, sheldon also gives advice on this and talks about 'coldsetting' the rear stays: http://www.sheldonbrown.com/frame-spacing.html
What chain you use depends on the chainring and your prefrence really.