yeah, so that crankset is no good...
i had the same type of thing on my nishiki, and got rid of it. since the chainring is not hooked to the spider via several bolts, and it's merely "pressed" to it, you have a high probability of the chain ring starting to freewheel on the crank axle when most of your acceleration and deceleration force will pass through that "press" point. (since you use your legs for that on a fixie. ) apparently, it's common with those types of cranksets.
you can find an old spider-type crankset for cheap probably... then you can easily find a 42T ring for it if it doesn't already come with one.
dunno, you might want to try riding that one and see how long it lasts...
i love that color, by the way.