Mattie,
I think you're overthinking your rear end. 114 might have been exactly how it was built to accomdate new and old hubs. My bike ('57-ish Pista) takes a new hub no probs and the old hub too.
The old FB hub is most certainly a 110 and the Campy High Flange I got on the rear now (my 'rider') is a 120.. I think, Early 60's would have been transition years, from cottered to cotterless, 3 piece to one piece hub shells, etc. etc.
I think if you just shove the wheel in you'll have no problems at all with a standard pista bb in any length.
Chainline is pretty forgiving - maybe more so on an inch pitch, but still it's only a 10mm 'problem' on a static drivetrain...
-my two cents
Harry