I changed the chainring cluster on my frankenbike. The new rings sits a little more inboard, deflecting the outer chainline a bit.
There is now a "crunchy" feel in the pedals, but I can't decide whether it's because the ring is crummy (it's a real piece of trash, it's a NOS Suntour riveted cluster of steel chainrings, the bottom of the ring's teeth isn't even round but it was $5) or because the chain is complaining, or because the chain is entering the ring with the inner plates rubbing against the sides of the teeth. The deflection is about one, maybe two cogs worth. Are 1/8 chains very finicky with the chainline?
It doesn't really bother me, since I want to keep the bike as cheap as possible and it works fine, but I'm curious.