Can i fit 120mm hubs in 130mm spacing?

I run Miche track hubs in a 130 mm spaced frame. The axle is plenty long enough and I use some washers to space out the axle to fit the frame. I solved the chainline issue by having more spacers on the non-drive side so the rear wheel is slightly off centre but I don't notice this when I'm riding.

Also done this with mine, no problems at all. Well except when you're lining the wheel up in the dropouts you have to remember that when the tyre is right in the middle of the chainstays, it's not actually pointing straight =P