IIRC, the correct length is 111. 5-6mm sound about right for chain ring placement from the chainstay. What is the spacing of the frame? If it was old enough to be 126mm then it is probably normal to have a bit space between the chainstay and the chainring. Also, aren't italian threaded bb shells normally spec'ed at 70mm? That would put the chainrings a little further out than what one would find on an english threaded bb shell which is normally spec'ed at 68mm.

The next size down for Campy is 102mm (record/chorus) that would probably not work for you.

How does your chainline match up with the center of your cassette?

The correct chainline measurements for Centaur 9spd and 10spd double cranksets with a symmetrical 111mm bb is 43.5mm

For torque...The correct value is between 23.6lb-ft to 28lb-ft (32NM to 38NM).

-j