Currently running:
Dodici Special frame
Miche Primato Advanced Track crankset (46T/165mm)
Shimano UN54 BB 68x110
Resist cog

Ok so here is my issue.

The crankset came with the Miche BB (68x107mm)
The spindle was too short and the crank arm hit the chainstays
Went up to the LBS and picked up the Shimano. Fit better.
Got everything put together and noticed a pretty gnarly hotspot in the chainring.
See video:

Would this problem come from running the Shimano BB, which is JIS, on the Miche cranks which are ISO?
Could the chainring really be that out of round?