"Hack" is a strong word for a system that is arguably superior to horizontal dropouts or track ends, since there is no possibility of wheel slip and gear ratios can be changed without readjustment of fenders/brakes.
How do you know the OP wouldn't be willing to build up an ENO hub wheel for this bike? The hub is not significantly higher priced than other high-end hubs and the OP said he's looking the give the bike "a good make-over," which is a far cry from "budget conversion."