You can easily shift spacers in an older six speed hub, but I'd imagine the body of the cassette on a modern 130 ten speed freehub would simply be too wide to do this. Anyone who has actually done this can feel free to correct me. It's never even occured to me, actually, until this conversation. None of my bikes are at 130, even the mountain bike. You can still find freehubs at 126, for six/seven speeds, if you vastly prefer a freehub. In general, I'd just find a decent old freewheel and go with a freewheel hub. These can quite easily be respaced, provided you have a stock of hub spacers. The wheel may need a re-dishing. Not that hard, at least not with a dish tool and a truing stand.

700 wheelsets for older frames (read: narrower rear spacing) are not that unusual. Most tubular wheels were that size, and many older frames/brakes have both the clearance and the caliper reach to accomodate both sizes.

I personally would not cold set a frame from 120 to 130mm. Might go about 4-5mm tops.

There are lots of older brakesets with a decent reach; modern frame design seems to tend towards less clearance between the frame and wheel, hence the shorter reach brakes.