I've switched my commuting frame from a 1980 or 81 Miyata to a 1978 Schwinn Le Tour III. The Miyata head threaded holes in the rear dropouts for mounting a rack or fenders, while the Schwinn has holes but
a) the holes are not threaded
b) the holes are in-line with the rest of the (stamped) dropout, whereas on the Miyata the rack-mounting holes were flared outward from the (forged) dropout.
The problem here is that I can't mount the fender on the Schwinn because of its stamped, non-threaded dropouts. To secure the fender's stays, I need to use a nut to hold the bolt through the hole in the dropouts, and the nut on the drive-side gets in the way of the chain shifting onto the smallest cog of the 5-speed freewheel.
The hole in the dropout is far enough away from the hub's axle that if the chain starts out in the smallest cog it won't bump the nut, but then I couldn't shift out of the small cog (14t) into any of the larger cogs.
But now that it's rained here a couple of times, I really want to mount a traditional fender. I think I could do this using a zip-tie on the drive-side mount and just use the bolt and nut on the non-drive-side.
Any thoughts? Here's pictures of the Schwinn's stamped dropout, to give you a sense of how close the dropout and hole are to the freewheel and to the chain when it's on the small cog.