The big problem with trying to use the full length of the 116 frame is how to advance -- you'll get 6 frames per roll, if you can frame with even moderate precision, but unless there's a framing track visible, you'll also be prone to overlaps or big gaps that may mean you get only one or two good exposures. If the 116 framing window will show any of the 120 framing tracks, I think it'll be the 6x4.5, and you might be okay to use every 3rd frame on that track -- that will get only five on the roll (maybe a sixth, but it'll be in danger of running off the film tail). I'd certainly start with a used backing paper, to see what if any framing numbers you can see (and whether you'll need to cut a new window to be able to advance accurately).
If you do wind up cutting a framing window, I'd suggest putting it on the 6x6 framing track; two frames of that format should give a good space between 4 1/4" frames and ensure six frames on a roll -- and it's as far as possible from the edges of the backing, limiting opportunities for fogging through the framing window. You can cut this on the centerline of the camera back, about an inch inside the frame gate, and use the odd numbers only on the 120 backing.
For centering the supply spool, two US quarters on each end is said to work well, and the drywall anchors will work after a fashion for takeup, but you can buy 3D printed adapters for the price of a couple rolls of film; if you'll use this more than once, it's worth getting a set of those.