Well, I went with the 118mm spindle and I think it was a mistake. The chainline is off by about 3 mm. I wouldn't have thought that would be a problem, but I can't shift to the middle chainring while on the inner most cog. The chainline pulls the chain off the chainring. If I adjust the front derailleur to keep it on the chainring, it rubs on the derailleur. I'm using a SRAM PC-69 chain with an 8-speed SRAM cassette and a Shimano M440 crankset. That should be causing issues right? Would the wider 8-speed chain help?
One note: The front derailleur comes with spacers for different seat tube sizes, for 1 1/4 in, the spacer puts more space on the non-drivetrain side. This seems to keep the derailleur closer to the tube so that you don't need a longer spindle...
I'm guessing my best bet at this point is to get a 113 mm spindle.