Thread on freewheel hubs have a large spacer between the locknut and the bearing cone which is usually covered by the freewheel block when using a multi-speed freewheel. This spacer can be easily removed and cut down to size if the OLD is too wide for the frame. Just make sure you cut it square.
For a single speed conversion using this type of hub, what I would do is to replace the spacer with washers and put the BMX freewheel or track sprocket on the hub and put the wheel into the frame. Check your chainline, it will most probably be off to the left hand side. Remove some of the washers from the drive side and put them on the left, ideally between the locknut and the cone. Check chainline again. Make further adjustments if necessary. When you have the chainline correct, tighten the locknuts on both sides and ensure the bearing adjustment is correct. Put the wheel into the frame and then re-dish the wheel. It will almost certainly have to be pulled to the driveside so it is central in the frame. Start at the valve hole and work your way around the wheel, making small quarter turn adjustments on each spoke as you go.