charles vail

I plan to do this as well. I have an old lugged steel Raleigh Wyoming frame with funky vertical dropout alignment problems and I plan to make this frame into a poor mans Rivendell Quickbeam for deraileurless use. I may use the Henry James dropouts or make my own. The spacing for a fixed gear or single speed is normally 120mm but you can use a longer axle and make it a 126 130 135 or whatever. The old school freewheel hubs allow you to move the bearing races and adjust alignment for your freewheel. I did this on some old Suzue hubs on my Raleigh Technium seen at www.cyclofiend.com under the single speed section. I re-dished the rear wheel by turning the spoke nipples two turns looser on the drive side and two turns tighter on the non drive side. It was easy to do and it results in a stronger symmetrical wheel.
You can also use a new high strength, high quality, chrome moly axle (under $15) and cut it to length if you need one due to higher rider weight. You will have to monkey with bottom bracket axle lengths but I used a 68x107mm Tange square taper BB and it allowed perfect alignment with the rear wheel. My spacing is 126mm which is probably what yours was originally. You could use a 130mm or a 126mm axle. The stays are steel so they can spring in or out a little.