I've been running a specialized sealed 126mm hub in my 75 Raleigh Grand Prix frame. This is my beater bike and the wheels are the most valuable thing on it, but I had them and they were not in use. My goal has been to maintain this bike without buying parts (except chains).
So, to do this, I mounted a 5 speed freewheel that I had available, and I'm running miss-matched friction shifters on the downtube.
My question is: Am I doing long-term damage to my hub by running the 126 spacing in a 120 frame? Does the 5 speed freewheel instead of 6 speed, matter?