Sugino 75's take a JIS 109mm spindle (yes i know this is going to start a flamewar about sugino spindle compatibility) which should give you your 42mm chainline
126mm spacing doesn't affect your chainline, provided you respace a 120mm hub evenly (3mm on either side).

get the Phil 108mm BB (BRS08) and the italian cups. the way a phil BB mounts lets you adjust the chainline about 5mm in either direction, so getting the absolutely correct spindle length isn't crucial. (Don't get the 110.5 it has the wrong spindle taper)