I had this dilemma installing a Phil BB in a frame. I simply unscrewed the cable guide bolt/screw (so that it wasn't protruding into the BB shell), installed the BB loosely, then screwed bolt/screw all the way in and tightened down the BB. At first I thought I needed a shorter bolt/screw but the one supplied with the cable guide worked just fine.
'84 Trek 850--spinbackle-built, '85 Trek 670 Campy Nuovo Record--project, '87 Trek 560 SS/Fixed--project, '87 Specialized Stumpjumper Comp w/ Deore XT--Specialized-built, '87 Rossin Record, '03 LeMond Wayzata--commuter,
'?? TST Mtn Bike frame--project, '07 Tsunami Tandem--home-built