Vintage road frame rear spacing issues - HELP

Looking at purchasing a beautiful Vitus 979 road frame but have a problem

the rear spacing is 120mm and clearly, because its aluminum it cant be cold set or stretched so i wan to know if it is possible to fit a 5 or 6 speed freewheel cog set on to a 120mm track style hub with a freewheel thread on one side)

or, if this is not possible, if there are any alternatives - it seems quite hard to find the actual correct componants for this build with out going waaaay over my budget

thoughts?

thanks y'all!!!

Is it definitely a 120mm rear? Is it a track frame?

Why do you need to be using a track hub?

If it is 120mm wide at the rear, you can just use a 120mm OLD hub wheel with a 5-speed block, with the rim dished appropriately.

120mm spaced multiple freewheel hubs are hard to find new, but you can still get 126mm spaced hubs fairly easily, then swap out some of the drive-side spacers and cut down the axle.
value: http://www.cyclebasket.com/m9b0s412p2680/ZENITH_Large_Flange_Classic_126mm_QR_Hub_
bling: http://www.sjscycles.co.uk/suntour-superbe-pro-screw-on-freewheel-hub-hb-sb600-quick-release-axle-126-mm-oln-without-skewer-36-hole-prod17924/

That should leave enough space for a 5-speed block (about 26mm, compared to the 34 ish mm a 7-speed block takes up, and depending on clearance between the outer sprocket and your chainstay you might fit a suntour ultra 6 block.

If you started with a track hub you'd need to re-space it the other way to make room for a multiple freewheel, but track hubs have fewer spacers to move around. I don't know if it's doable.

Of course, if the frame is actually 126mm, you have other options.