Can't seem to let this go so another attempt today.....obsessive???? Nah.... just curious minds want to know......that's my story and I am sticking to it. So took a different approach. I had to swap the rear sprocket any way and while I had the sprockets off I measured sprocket mount off set on the two carriers. There is 5mm difference between the one on the bike and my spare 03 carrier. This is what I would expect to find on the early verses late Hodaka 125 carriers. Also removed the rear tire, loosened the spokes and trued the rim. Chased down my T square and used the long part to better check sprocket alignment.
My thoughts were to make a spacer for the sprocket side of the wheel that matches the off set of the 03 Wombat sprocket carrier......5mm.
Attempted to remove 5mm from the brake side wheel spacer to compensate for the 5mm added to the sprocket side. Although I made the sprocket side spacer exactly at 5mm I missed the mark a little on the brake side spacer. Original length was 28.97mm and should have been shortened to 23.97mm.....I think this will do though.
Installed the wheel with the 03 sprocket carrier, fabricated spacers and using a cross test level I checked plumb on the front and rear sprocket. This assists in checking for frame twist and making sure both sprockets are in the same plane. Ended up with half bubble off and I think that is reasonably close enough for production tolerances.
Checked wheel alignment with string....again. Centered up nicely.
Using the T square part I can check sprocket alignment more precisely. Sprockets are aligned within .010 inch and that is good enough.
Fabricated spacers installed.
In the end re-centering and trueing the rear rim, using the 03 Wombat sprocket carrier and spacing the wheel 5mm to the right put every thing in alignment. I looked at the wheel hub and it looks the same as my spare 03 Wombat. This mis-match of parts would explain this issue. I do not have a Combat Wombat wheel hub to compare.
Danny