I picked up an old bike ('83 Nishki Century) in excellent condition. I would like to convert the hubs to QR. The rear hub is 126mm O.L.W. and the measurment between the outsides of the chainstays is 134mm. I am looking at replacement axles from WheelsMfg and the closest available lengths are 137mm and 141mm.

Am I correct in assuming that the 137mm length is the one I want?

A more basic question would be - is it ok to have the 1.5mm sticking outside the dropouts, or, does it have to be flush (or less)?

If someone has a different suggestion for some other QR axle (and source), I'd appreciate that, too.