Modern groupset on a Retro frame - anyone done it

Love the retromod look, but it seems majority of these are 80's or 90's conversions. I'm thinking going to take it up a notch, converting late 50's bike with the modern groupset, giving the bike a 'new' lease of life and making it much more rideable as I don't need a wall art, I want my bikes to be used.
Cold setting to 130mm is the first task, shouldn't be a big issue as it is 126mm currently, although it has been modified some time ago, adding campaq dropouts and DT gear shifter braze-ons etc., so it could've already be spread from 120 to 126 before. Anyone tried to do it from 120 to 130 - should I be aware of anything in particular?
 
You would have to manipulate the dropouts to aid chain clearance.

Spread and square!
Thats a good point. Older frames tend to have domed chainstay and seatstay ends at the dropout which means you cant get the clearance for the chain to work with the small cog. More modern frames have the stay ends flattened to allow for this
 

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