1989 Paramounts came in two flavors, Columbus SLX (SL/SP mix on larger frames) or True Temper OS. Neither is heat treated, so you should be able to cold set the rear triangle to 130mm OLD without any problem. I have successfully cold set 120mm to 130mm rear dropout spacing on chromoly frames. The key is to ensure the two sides are spread equally so that the frame is correctly aligned, and that the rear dropouts themselves are parallel to each other after cold setting.

If you have any doubts that you can do this yourself, then by all means have a qualified person (experienced LBS mechanic or a framebuilder) do it for you.

Sheldon Brown explains the cold setting process HERE.

EDIT - The dropout alignment procedure is now a separate page on Sheldon's website.