Hub spacing...
 

Just acquired a backwheel laced to a 126mm Phil hub... problem though, my frame is spaced 120. How should I go about dealing with this? I don't think respacing the frame is a solution as it's aluminum.

try to get in touch with brent at phil wood. the axle ends on their hubs are removable, so you may be able to purchase a set of narrower axle ends that would convert your hub to 120???
not sure, but it's worth a shot.