I found a
1978 Motebecane Grand Jubilee at the Dump the summer past. I built the bike up as it should be then decided to go for a different look and feel....
As for chain line, it is important to get as close as you can to in-line. However, with a freewheel driven by a single crank ring, you would be wise to set the line to match the freewheel cog you will most be using. For my money, I would just run the ring on the inside of the crank and leave it there.
As for the chrank and ring itself, it is
easy to clean the cranks up to look very nice, if you take the time to do so...