Hi, thanks for the replies, it really is a huge help.

techsensai: You were right, what a good test, the front wheel just needs a little truing.

Regarding the real wheel: The spacing was 123mm, so It really wasn't a hassle springing it in. I did in fact afterwards do the timber lever resetting trick a little, but realised I needed to be accurate, so have put it on hold till a caliper rule arrives in the post.

The rear wheel is out of line, but only a few mm - apparently this is the result of doing 120 to 126 (according to sheldon brown's site). The cure is apparently to re-dish the wheel though this weakens it.

My main question was really - as long as the brakes are alright with a little tilt, and the wheel tracking is inline though off centre, will this ride ok or will I have problems, and is it dangerous?

Or another question - if i did end up re-dishing the wheel, is the weakness at this level dangerous?

I just want a safe bike, had 2 bad accidents enough for 1 lifetime.