I have one of those hubs on a mountain bike. It is sweet! Nearly
silent, for some reason. Anyway, I would not mess with it unless
absolutely necessary, for a couple of reasons. IIRC, the clearance on
the right side, between the lockring and dropout, is pretty tight.
Mine has a freehub that will accept a modern cassette with a lock ring
or an older one with the smallest cog threaded to hold it all
together. So it has external threads as well as internal. It will take
an 11t cog, but only with a 1mm spacer on the back of the cassette,
which makes the clearance even less.

Respacing will almost certainly cause you to have more dish in the
wheel than you would if you leave it at 135. It's an 8 speed hub, so
there is already a lot of offset. I routinely use 130mm road hubs in
old frames by just spreading the frame when I install the wheel. If
you are going to use indexed shifting, you may need to adjust the
derailer hanger a bit, a simple operation.

I have heard of the grease in some NOS Shimano hubs hardening over the
years, so you might want to watch out for that. Those are some fine
bearings in there. That M900 stuff is lovely and it all works great.
I'm still watching for some of the cranks, but they are getting pretty
scarce.

Good luck with your project!

On Jan 6, 12:51 pm, "Ray Colmenar" <tatay...@gmail.com> wrote:
> if the road frame is 132mm, you might not need to respace.  If it's a steel
> frame, you can usually just spread the chainstays ok.  If you do need to
> respace, I would suggest just getting thinner spacers.  You may have to get
> a shorter axle though depending on the frame you have.
>
>
>
> On Tue, Jan 6, 2009 at 11:33 AM, fenderbender <pedal_kr...@yahoo.se> wrote:
>
> > First like to wish you all a happy new year!
> > Recently found this nos early 90's 8sp XTR M900 32h 135 mm hub in a
> > shop parts bin. More info here:
> >http://www.bikepro.com/products/hubs/hubs_shimano.html
> > Thought I might build it up with some new 650B rims and a dynamo hub
> > up front. As I have both mtb and road steel frames in store I thought
> > it would be a good idea to respace the hub to 132 mm. This way I can
> > use them for either types and see witch frame it suite the best.
> > Remember reading some where that it was possible to remove or grind
> > down some of the washers on the drive side and still have room for the
> > chain to clear the fork ends. Would this work or do I need to respace
> > the left side too? Do I need to alter any numbers when I calculate the
> > spoke length? It came without a quick release so would a old Ultegra
> > look-a-like work? Grateful to hear of any other issues I might run
> > into.- Hide quoted text -
>
> - Show quoted text -
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