I agree in principle, but the chainline is hard to get right with a flat chainring. I've modified some Novatec axles to give the required line to go with 5600 cranks. Obviously, I went full tart mode, but the basic hack is to turn the drive side aluminium nut down to about half its original thickness and add a corresponding spacer between the aluminium nut and the bearing on the NDS. If you're using it on the track, you'll probably have to trim the axle a bit as it will poke out of the drive side track nut. The 120mm axle is probably long enough not to cause track nut engagement issues on the NDS with a steel frame, but you can get a 130mm axle if you need to.
Hmm.....maybe i can get away with a 3/32" ring, without hacking the hub.