there is one possible long term problem if you use a 130mm hub in a 135mm aluminum frame - the stays (probably chainstays) may crack. This is not the case with steel or Ti.
Although it requires redishing the wheel, I would recommend using the 5mm spacer on the left side (along with a longer axle). Redishing the wheel is not a lot of work - it's a matter of tightening all the spokes on the left side an equal amount. It may be as little as 1 full turn of the spoke nipple. If you tighten the spokes evenly, you are maintaining, for the most part, the status quo of the wheel. Any "truing" necessary would have been necessary before the spacer work. Your wheel will be stronger, stiffer, and more evenly tensioned. There are no drawbacks unless you have old corroded spoke nipples (that won't turn), the "truer" messes up, or your spokes are at the end of their usable life and tightening them up is the last straw.
In addition, if you space the right side, you may not be able to fit a lockring tool onto the wheel (to remove the cassette).
If you leave the right side of the axle as is, it'll be easier to adjust the rear derailleur (you won't need to touch it), it will allow you to use any 135mm wheel (the derailleur will shift into the small cog and not shift into the spokes on a given wheel). Finally, if you are not touching the right side, it'll be hard to mess up transferring the parts from one axle to another.
1. Transfer right side cone/washer/nut to new axle.
2. Start sliding new axle into hub and use it to push the old axle out. If the axles are touching the whole way, you won't lose any loose bearings.
3. Leave new axle in, remove cone/washer/nut from old axle, add a 5 mm spacer, and put on new axle.
4. Redish wheel. You're done!
The only potential problem is if you are using a Campy hub with a built-in cone on the axle. I don't remember the specifics of these axles (width, model, etc) but basically the axle has a cone on it. I believe it can be moved a little bit but it may not be possible. Some axles has the cone built in, others the cone screwed on.
If you have a single speed and it's listed in your signature, I don't see it (I've disabled signatures). Unless you want to fiddle with chainlines, I would still put the spacer on the left side to preserve a good chainline. If your chainline is off just a bit, then use smaller spacers on both sides and fiddle till it's better.
hope this helps
cdr