Has anyone done this with success?

I recently installed new cranks (no name generic square taper road cranks) on my 80's fuji conversion and even after chainring spacers, my chainline is off by probably somewhere in the neighbourhood of almost 10mm (yikes!).

I am using the original bottom bracket and had a straight (well, straight enough) chain line with my old cranks. I'd rather not buy a new BB as I'm pretty low on cash, plus I just spent the effort to repack the bearings yesterday (probably for the first time in the bike's 30 year existence) .

i suppose modern cranks not meant to fit on these old japanese bottom brackets?