You're wrong here. Actually, your answer is not even coherent enough to be incorrect, since the idea of a crank at 111.5mm that you have just endorsed doesn't really make sense.

nibog, chainline and spindle length are two different measurements. One is the length of bb spindles, and the other has to do with the position of your bike's chainring relative to the bike's centerline (see Sheldon for more explanation). That 4.5 mm is added to chainline, not spindle length. Chainline on a bike with only a single ring is the distance of the centre of your chainring from the centreline of the bike. You want it to be around 42 mm give or take 2 or so mm. On the recommended bb length with an iso spindle, your bike would have the inner ring at around 41 mm and the outer at around 46... so the inner ring position is just about perfect.

A JIS spindle at that length will push you out 4~ mm, rendering neither ring usable on the recommended length bb. A spindle that is 5ish mm shorter than that length, on the other hand, will put the inner ring position in just the right spot. A spindle that is still 5mm shorter than that will put the outer ring in just the right spot, though at that point the crank will be close enough to the bb shell and chainstays that you run the risk of clearance issues.

I don't want to tell you which one to pick, as I'm not sure what the original recommended length ISO bb is. I recommend that you see if you can find out from the Classic and VIntage guys what the recommended bb length for ISO french threaded bbs would be for a road double application, and then go from there using the crude formula i gave above.. But I see VO has a huge range of sizes (props to them), and one of them ought to work.