Originally Posted by
hokiefyd
I think it's dead-on. The middle ring on the front and the middle sprocket on the cassette (7-speed) results in a perfectly straight chain.
Context: this bike originally came with a 5-speed freewheel and hub spaced to 120mm if I recall correctly, and I currently have a 7-speed cassette/hub spaced to 130mm in the frame.
Just remember that if you move the crankset in either direction it will affect the fore to aft alignment. It obviously doesn't have to be perfect, I just wanted to make sure you were considering all the variables. Cool classic color on the bike by the way!