Originally Posted by JohnDThompson

It's not so much "an Italian thing" as it is a cartridge bottom bracket thing. Having both side adjustable allows you to fine-tune the chain line. Phil bottom brackets have been doing this for decades.



It's possible the previous owner installed a MTB-type cartridge for some arcane reason. Maybe the PO's triple crank needed more clearance on the drive side?



If the spindle doesn't turn freely and smoothly, it should be replaced. Or if you can't get a decent chainline with whatever crank you intend to use you'll want a different cartridge.



If you replace the cartridge you can get the size intended for your shell width and crank of choice, and it won't stick out like that.



I'm sure you mean 68mm, not 168mm. But that said, shell width is an unreliable indicator of shell thread spec. Measure to be sure. An Italian thread shell will be 36mm x 24tpi; an English thread cup will be 1.37" x 24tpi. An English thread cup will drop into an Italian thread shell without engaging the threads. An Italian thread cup will not even begin to thread into an English thread shell.