I posed a question along the same lines to the SRAM buyer of a major US wholesale supply house .. the freewheel and drum brake versions of the P5 were discontinued over 2 years ago.. he continues to order the P5 Coaster, which is still being supplied... I hope the new SRAM IGH facility in Taiwan will produce a suitable replacement for P5 .. it is such a nice hub.
I should think the Sturmey's XRC5(W) five speed coaster brake hub could be made to work in a 120mm OLD steel frame.
The XRC5 could be made to work .. just not as elegantly, with the SA OLN at 127mm and the P5 Coaster at 120mm .. so frame spreading or nut whacking .. also, the Sturmey is heavier .. a larger issue, the major SA suppliers in the US either don't list or stock the XRC5(W) .. I may buy a few more P5s to put on the shelf