Is there something noticeably wrong, or is this a solution in search of a problem?

If the wheels seem to line up squarely in the frame, and you can ride it no-hands without it pulling towards one side, I wouldn't bother.

Anyone can tell you it's off by point-something millimeters this way or that; but if you don't notice it, it's not worth correcting.

That said, I have used, and am happy with frame repairs done for me by Raphael at Chelsea. Might not be a fast turn-around, but it'll be done well. Besides, it's the only game in town...

I recommend Tom Kellogg (www.spectrum-cycles.com). About 2 years ago, I sent my then-14-yr-old steel frame for refitting--alignment, spreading the rear drop outs from 126 to 130mm, removing a stuck seatpost, replacing the treaded steering tube with a treadless one and re-cutting the threads on the rear drop out adjusters, bottom bracket and rear derailleur hanger--and repainting. The whole thing came to about $400. I asked for red graphics but he told me he had them, they weren't popular, so he silkscreened them with paint. Paint alone is about $250, so considering all the work he did, I thought it was a bargain. You could spend considerably more at Cyclart.

The paint, btw, is the toughest paint I've ever seen. On the way home from one of my first rides, I leaned my bike on a wall to pull a door open and the bike tipped over--the top tube hit the metal door edge hard, making a huge racket (and me making a bigger one thinking I just screw up my new paint job), but there wasn't even a scratch.

It's a bit pricey, but if you have an old steel frame that you cherish, it's worth it.

-d