It might help if you draw yourself a rough sketch.
Assuming you remove 5mm from the left side of a 135mm hub (you usually can't remove anything from the right) that would move the axle/frame centerline of the hub to the right by 2.5mm. Since the shell is unchanged that puts the right flange 2.5mm closer, and the left 2.5mm farther from the centerline. (note you're not moving the flanges, you're moving the centerline)
Since the right flange was already closer, moving it yet closer increases the dish (difference in R/L center (or rim) to flange distance). Increasing the difference in the relative flange to center distance means that the R/L difference in spoke tension will be greater.
If you can find a compatible shorter (fewer gears) cassette body and remove space from the right side then the opposite would be true.
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Last edited by FBinNY; 03-03-10 at 02:25 PM.