I lack the tools to re-space the frame, and am not in the mood to risk messing it up, so I've contacted a local frame builder so I can work with him to re-space and verify alignment throughout. I needed an excuse to meet him, any way.
Very nice project!! I wouldn't go at it with a 2x4 and chair ala Sheldon either.
They're expertise is well worth it. I was chatting with our local shop owner who builds and repairs frames. A customer came in wanting the rear cold set. Out comes a straight edge, calipers and dropout alignment tool . He measured, clamped the brake bridge and tugged at the stays a few times, measured again and aligned the dropouts. Seemed like it took only seconds but it must have been all of about 5 minutes. He handed the frame back to the customer who was standing there with his mouth open. "There ya go"