Update: It's been an interesting project to get the Dancelli to shift properly. Because the bottom of the seat tube is fairly wide and the FD hanger is also a little long outboard, I had a hard time getting the FD to shift down to the inner chain ring. I bought and tried two more different cranksets, three bottom brackets and two sets of BB spacers (one from Austria, of all places), all to no avail. I mean, they worked, kinda, but either the chain line was too far in or too far out, or the chain would rub on the FD cage in one of the gear combos. Too fussy.
Then I started playing around with FD's, figuring that maybe what I needed was one with a slightly wider or less deep cage. FOUR FD's later, I came up with one that works- a Shimano 2nd gen 1056- and I was able to keep the 109.5 BB and Ultegra crankset I started out with. Even so, had to replace one of the limiter screws with a longer one to keep it from swinging too far out (!) and overshifting the big ring.
The good news: THIS BIKE IS FAST!!! Rode it yesterday on my 20 mile training loop- the one which I know every stone, every crack, and all the tricks to make good time- and set a new personal average speed record. In the heat and after working out in the yard most of the afternoon, so without fresh legs. This baby is definitely back in the rotation.