Do the shifters have friction mode? (I'm assumind they are downtube shifters) If they do and the frame is steel I think you can make it work. Just cold set the frame to 130mm for the newer hub, and adjust the limit screws on the derailleur to get the range you need. Otherwise you will need to find a single speed or fixed hub and add spacers to get enough clearance for a multispeed freewheel.