Originally Posted by
Iride01
How old a Paramount?
120mm OLD rear spacing suggests late 70s at the latest.
You might just find there is enough spring in the stays to allow a hub with 130mm dropout spacing to fit.
"Springing" the dropouts that far without cold-setting can create hub axle problems, as the dropout faces will no longer be parallel. Cold-setting by 10mm can be done, but will likely result in a noticable "bowing" at the brake bridge. 126mm is entirely feasible and unlikely to create noticable bowing. 5, 6, or 7-cog clusters work with 126mm spacing.
That said, I agree with previous comments that unless you plan on keeping the bike, you should let the next owner decide if the frame should be spread.