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...IME, Varsities and their dropouts bend with little effort, but if you want your resulting bicycle to track, you need to pay attention to the centering of the rear triangle in relation to the frame.

This seems so obvious that it should not require much in the way of exposition.

I do this sort of thing with the frame held in a bench vise by the BB shell, after removing the crank, but it sounds like maybe you won't need to.