I just rebuilt/repainted my singlespeed (new crank, hub, rims, tires). It rides like a dream. Just today i did about a 20mile ride. Anyways, the hub I have is a Wite Industries Eccentric Eno, which I believe is supposed to be used with the middle chainring on the crank. Well, when I built it, I wanted the bigger ring, so now it is set up on the outside ring of the crank. This of course makes my chainline a bit off. Is this really a big deal, like is it going to damage anything? Would having a perfect chainline benefit me in any way? Also, right now it is just set up as a singlespeed, but I am going to flip the hub and try out fixed, does chainline matter more then?
a good chainline is a good thing because the less perfect it is, the more energy you're losing in friction between links of the chain--when the chain is at an angle, they're rubbing a whole lot more. you can really feel the difference with a straight chainline.
you could try putting spacers into the stack bolts (holding the chainrings to the spider) in order to move the chainring you're using to the right spot.
and if your chain falls off it might scratch up your frame and break some stuff.
If your chain comes off it'll f*** you up too
As long as your chain is tight it won't come off. A bad chainline is a little stiffer and noisier, and everything wears faster. But it's not the end of the world.