My roommate's old bike and her boyfriend's ran 68x115 and 68x120 (!) respectively. They had 126mm rear spacing. The first frame (Bridgestone 400) was a 68x115 and perfect chainline was achieved with that with the ring on the outside (Sugino RT crank). The other was a Schwinn Traveler and with the ring on the inside, chainline worked well with a 68x120. Since a shop put that on his bike, I think it was wrong since the drive side was where that extra 5mm appeared. Ridiculously wide looking but felt fine with the frames and the rear spacing and most importantly, the cranks.