Can a (relative) beginner adjust spacing on a 501 cromo road frame?
If you're going to be respacing, I'd suggest an alternative method from sheldon's 2x4 method. Use a threaded rod with washers and nuts. It's far more controlled and easier to keep your frame aligned, plus you can keep it in the stand as you work. 

See here 


If you need to adjust the dropout alignment, you can adjust thusly