If your rear hub is a regular Shimano Hyperglide-style freehub, you can complete the axle swap without pulling the cassette. be careful, though, as the bearings are totally loose---no retainer cage, just grease and balls. You can probably pull off a spacer on the NDS of the hub, but you'll need to re-dish the wheel if you do. If you're pulling off more than 5mm of spacing from the NDS, you can count on the dish being too dramatic for a strong rear wheel. And, if you do manage to pull off 5mm of spacing, you'll be at 130mm and you'll still need to spread the CHD's rear-end another 20mm to get it to fit.
All of this is totally workable, and there are other kludges out there to help you lose spacing from the hub... but no matter how you do it, you're gonna need to spread and re-space that rear triangle.