Didn't realize your chainring is unramped. That helps alot in avoiding chaindrop. I started using Rocket Rings before they were renamed and used to run 48x24-12 7 sp. on my commuter. For the Dirty Dozen ride held in Pittsburgh I built a 1x8 C'dale SR300 up w/a 38x34-12 w/bar-end shifting for those brutal climbs. It worked out real well. Used a Sugino 103mm track bb w/some Truvative cranks. www.dannychew.com if you want to check the ride out. Just click where it says Dirty Dozen on the left.

Oh yeah, I used a megarange Altus derailleur purchased on closeout from Nashbar @ 7.50 for that particular build. The der is on my wife's hybrid now. Works great.