i'm going to resurrect this thread because i am thinking exactly about the hybrid gear option. I'm currently building a light touring bike from a 1960s Wally Green frame. The rear drop outs don't have a derailleur hanger and spacing is about 122 (i think). I could get a 5-6 speed cluster in there without spreading the stays too much, but, then I'd have to use a fugly bolt on hanger and no indexing! Anyway I have a SA SRF-3 rear wheel on my commuter which I thought of swapping out. In the front I'd use a stronglight 49D with 52/32 gearing for steep hills. Having only one cog in the back would significantly reduce chain rub otherwise common with a cluster in the back. . It is very Sheldonesque!