I had yet ANOTHER question to ask:

I've just received my Truvativ American-to-Euro BB Conversion kit and I wanted to make sure I knew the procedure/threading match before performing it on the frame (which won't happen for a while anyways as I'm still in the progress of stripping the paint and giving it a new paint job).

-Am I supposed to install the conversion kit BB shell first, then install my BB? Or thread the BB onto one of the pieces of the kit and then tighten screws to bring the two pieces together (saw some directions online for this, but wasn't sure if it was for the BB adapter that I'm using)?

-Which side of the bike is supposed to have which threaded BB cup? The drive side = reverse (left) thread or normal (right) thread?

Again, thanks to everyone for all your help!