I'm going to steal this thread for a minute since I too have a chainline question. I'm working on a conversion, and I have all the needed gear it on the road, but I'm not sure if the chainline is going to be right. I have the original 117mm Stronglight/Nervar BB and a Shimano 600 Arabesque double crankset (new chainring on the way; will only use one chainring obviously), a Shimano 1/8" freewheel on a 120mm spacing formula hub.

I have looked over Sheldon Brown's stuff on chainline, but I'm still having a hard time getting a grip on it. Any help?