> Forward and diagonally down.
Should be alright, it's how we did it in the olden days. You should have the adjustment - you don't need much, especially if you can jigger around with cogs and chainwheels to get the right ratio. The issue is really whether it holds in the drop-out without moving. Have you got Chris Hoy thighs?
It's worth whatever it's worth really, I've only just got rid of an old 531 bike. Always the wrong size, but really nice, comfy ride. Gave to a friend, but probably worth about 100 quid with some nice stuff on it.