Yes... it works.
The switch to a small 5-speed freewheel, replacement of the pulley with a toothed nylon Campy, new chain, and some fancy work with a knife and hot glue gun, finally gave me a real live actual working Vittoria Margherita... and actually it works quite well.
Mr. Ed, the Talking Machinist (oldest shavingsmaker in my company) looked over the pulley and chain retainer problem. He knew I was opposed to bending it to work, so suggested a simple wedge, applied where the chain jammed between pulley and retainer. I whittled a sample from an old wooden clothespin, installed it temporarily with the dreaded hot glue gun, and Voile! It works like a charm! The wood has the added advantage of wearing away anyplace the chain rubs against it, until it's a perfect fit. We'll remove it in a few days, and file a similar piece from steel, with tangs on each end to crimp around the retainer and hold the wedge in place! Problem solved, and no permanent changes to the mech!
So, what I have now is actually a 4-speed (14-15-16-17), with occasional excursions to the 18, but don't depend on it. I'd rather have a real 4-speed freewheel, 14-16-18-20. (Don't everyone rush to sell me theirs!)
Shifting was a little tricky at first, but after a few practice rounds I found it's possible to shift fairly accurately, one gear at a time, up or down... it all depends on how much slack you give the chain, and how far you turn the knob.
A few little bugs were easily sorted... the chainring bolts extended past the inside of the crank spider, hitting the side of the tension arm, so I replaced the Magistroni bolts with shorter bolts from an old Gnutti cottered crankset. I also move the right crank arm out about 2mm for a little more clearance... (first time I've ever removed or installed cotter pins... I hope I followed Sheldon's instructions correctly. And I lost very little blood, so that's has to be good.).
I'm amazed at how much the installation of the Vittoria mech has changed the overall appearance of the Legnano... no shifters or derailleur cables anywhere, the big GS rear derailleur replaced with two slender arms, and that vastly different chain line. This project has made me even more determined to find a complete 1940s bike... all I need now are frame, fork, headset, bars, stem, brake levers, pedals, hubs, rims...
It may seem odd using a 1946 shifter on a 1960 bike... After all, that's a 14 year difference. It's almost as silly as if someone were to install Campy Nuovo Record derailleurs and shift levers on a new Mercian or Rivendell! Very silly indeed!
I'll add pictures of the completed project tomorrow night.
Thanks for reading. Now, time for a REAL margarita...
Regards,
Aldo Ross