I am building up a late 70s Medici (120mm rear spacing) with parts from an early 80s Bianchi (126mm spacing). The hubs are Campy Record. I haven't had much luck so far finding a wheelset with 120mm rear spacing or just a 120mm rear (non-track) hub. I've searched this forum and read everything I thought might be useful (including Sheldon Brown's page on this stuff), but I'm still a bit confused. Can it be as easy as pulling off spacers totaling 5-6mm, redishing the wheel, and replacing the 6-speed freewheel with a 5-speed freewheel? Will the axle and skewer work, or do they need to be replaced with shorter ones?
(Before anyone suggests it, I'd prefer not to cold set the frame, at least not at this point. I would consider that as a last resort though.)