Bike Forums - chainline question.

i recently bought a 1976 raleigh gran sport off cl and i am converting it to a fg. everything was going great until i got to the chainline.

my original intent was to pull the cranks and put a ss crankset/chainring on it, but my lbs was unable to pull the cranks because they are threaded larger than most cranksets and they didn't have the tool for it, so i decided to jest keep the original crankset and keep the smaller of the two chainrings. it was nice only spending $6 on chainring bolts instead of $100+ on a new crankset, but this is where my problem comes in. once i put my rear wheel on the frame and went to put a chain on the bike, i noticed that the cog and chainring are off by about a half an inch.

so now i'm wondering what my options are to make this bike rideable. i know that i could put a spacer in between the hub and cog but it still looks as though it will be a bit off. is a different bottom bracket is my only option? i could order the crankpull but if i can avoid buying a tool i will never use again then i'd rather do that.

any help is appreciated.