You shouldn't be able to make adjustments with this. If properly mated to the matching cranks and the hubs will give you a 42mm chainline, you have nothing to worry about it. Be sure that the cranks are properly seated on the spindle and you'll be fine. While it wouldn't hurt to bring the wheelset in, it's not necessary I think.

The adjustable BB you may be thinking of is either Phil Wood or Miche.