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@Olly398
Dancelli is lovely.
El Prez - if every gram counts, you shoulda started with something else! Don't delude yourself that you can build this into something that performs better than a modern bike. You can however make a very nice bike, for not a lot of outlay, which you can especially enjoy riding because you know exactly how and why it all goes together, cos you've built it.
I have a 90s steel and a modern carbon road bike and I love them both, but I know which one has "the edge".
OLN stands for Over Lock Nut and is effectively the width of the rear axle, and hence also the width of the dropouts. 5,6,7 and (I think) 8 speed bikes had 126mm and then from around the 90's they moved to 130mm to accomodate 9, 10 and 11 speed, and its still the standard for road bikes. More info on SHeldon. Yours I would guess is 126mm but steel frames are flexible so if you were intent on building with modern parts you could make it fit.