I am building up a second fixed gear. I acquired a nice Pinarello road frame with 70mm Italian thread BB. My bro gave me a Campy Daytona (now called Centaur) crank set, but he had an English thread BB. So I need to get a new BB and dial in the chainline while I am at it.

Supposedly the Campy Centaur 111mm spindle will give me a 143.5 (measured as road double) chainline. It looks like there is about 5-7mm(?) between the chainrings, which I calculate would put the inner at 40-41 mm, the outer at 46-47mm.

I plan on an IRO/formula 130mm rear hub, which will have a 142mm chainline.

Any suggestions on best way to get this set up?
Is adjusting spacing on chainrings or hub the answer?
Which is preferred and how much room can I count on?

Is there any hope of using the outer chainring (for aesthetic purposes, obviously)?

Just eyeballing it, it looks like the crank needs to be almost flush with the BB shell to get the outer chainring to the 42-44mm range.

Could be done with a Phil BB? would I need a shorter spindle?

Advice and help much appreciated!

Thanks~!