i've done it on a 60's fw evans steel frame and it is fine. no chainline problems at all. only thing to be wary of is that it can be difficult to remove the rear if you need to fix a puncture or something when you're out. it's easy to get it off with a spanner at home.
on the plus side it's difficult for tea leaves to rob your wheel when you're out
plus you will struggle to find a 115 hub in decent condition
i've done it on a 60's fw evans steel frame and it is fine. no chainline problems at all. only thing to be wary of is that it can be difficult to remove the rear if you need to fix a puncture or something when you're out. it's easy to get it off with a spanner at home.
on the plus side it's difficult for tea leaves to rob your wheel when you're out
plus you will struggle to find a 115 hub in decent condition