Talking about square taper: Phil will sell you the cups separate from the rest of the BB. You get the BB in the required spindle size; if you're getting a new BB for the original crank, get the JIS 118. You buy the cups according to the frame; yours has a "standard" english threaded 68mm BB shell. The frames out there with 73mm BBs are still english threaded; no spacers are required b/c the spindle is free from crank arms, and the BB is designed to center and work well whether it's housed in a 68mm or a 73mm shell. The 70mm size will NOT NOT NOT work, as the TPI of the threads are different, as is the inner diameter of the BB shell. Buying a phil for your LHT? As some others have mentioned, the move is a BB set with a 118 JIS spindle and a set of english threaded cups. I'd go for steel, but that's just me.
You'll need the install tool. Spring for the shop tool, or get two of the home mechanics tool. (Having 2 will make it easier.to install.)
The spacers for BB cups come into play with the new outboard BBs, because the crank axle(which replaces the spindle on a conventional BB) is attached to one crankarm. If you try to run one designed as a 68/73 in a 68mm BB shell without spacers, there will be excess axle showing, and won't engage the bearings properly. FWIW, modern road cranks tend to come only in a 68mm version (many are also offered for use with the 70mm italian BB; this is why many manufacturers do not sell road cranks with the BB included) because no one is making road bikes with 73mm BB shells. With mountain bikes, 73mm is very commonly seen, as is 68mm. (Incidentally, no one is making MTBs with italian BB shells, as far as I know.) This is why many modern MTB cranks come with an included BB; they feel pretty sure that the bike will have an english threaded 68/73mm shell. There are some 29ers and DH bikes with wider BB shells, and these'll need special cranks with longer crank axles, but now I'm digressing severely.But, this is why they have outboard BBs that employ spacers for modern mtb cranks. Use the spacers if you have a 68mm shell; do without the spacers if you have a 73mm.
Where does this all fit with touring bikes? Well, touring bikes are basically roadish things, with 68mm shells, but they often run mtb cranks, which will (in the case of outboard bearing systems) need spacers. I've sidestepped the new and ghastly BB "standards" (BB30, BB86, BB92, and their various permutations) b/c these haven't shown up on normal production tour bikes yet.
Sorry for the dissertation on BBs; i just saw lots of helpful and well-intentioned ppl contributing to the thread, but there was some misinformation there. Trying to prevent an expensive mistake for the OP and anyone who finds this thread in an archives search.
-rob