The answer is yes. You can get a set of later 130 OLD wheels and they will fit in just fine without cold setting. If you keep a 7 speed cassette just put a 4.5mm spacer in first, then the cassette and lock ring.
If you are OK with friction shifting with those new wheels, then an 8-9-10 speed cassette will only require a new chain and some adjusting of the limit screws and cable to accommodate the wider cassette. I've not had Jetboy's issue with the FD, but if you do, a 5600-5700 FD only costs about $10-15 and looks enough like tricolor to blend in.
Sroller, that RD will work just fine on 9-10 speed as well. You've probably noticed that the design is a trickle-down from the previous Tricolor 600, so the geometry is the same. All of the 1050-1051-1055-1056-640X-5500-5600-5700-6500-6600-6700 stuff is pretty much interchangeable and works well together, especially with downtube shifters.
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