That's a pinhole without lens, at 123mm from the film onto 5x4 format? I am surprised you get a circular image. Either the pinhole material is thick, or there is some physical vignetting involved. My 'cigar box' pinhole will illuminate the corners of 5x4 at about 43mm from the film.
If you create a frame the size of the film, and mount it above the pinhole (or lens board), and put a peephole sight at the film plane in the center of the frame, what you see should be what you get if the pinhole can illuminate the corners. Unless you use a retrofocus or telephoto lens, this film to optical center arrangement will work. You see it on technical cameras like the MPP.