Wow this place moves fast, I'm used to forums with less users. Thanks for the tips, I have heard White Lighting is the best choice before, so I will be getting some soon. And it's good to hear 3/32" is usually quieter (I'm sure it depends moreso on your chainline, 1/8" chains are usually stiffer, making for (probably) a more secure drive train, and a bit more efficient power transfer). Here's the deal:

I have a steel cranset, for standard square-taper spindles, and it had swaged to it (non-removable) a very large (52 or so) chainring and a bashguard. Riveted to the big chainring was a smaller 40 tooth chainring. They both were for a 3/32" chain. I cut off the outer chainring and the bashguard, and interestingly, the rivets for the smaller one are in a 110 BCD pattern, meaning I could probably get a new chainring if I needed it. Currently it yields a 40mm or so chainline, and I am worried that I can't make it very straight with a Formula sealed cartridge bearing hub, which probably has a chainline of 42mm. Is it worth it to get a new spindle (for a cup and cone type BB) that's 2mm longer on the right side? I don't even know for sure the chainline of the Formula hub (it's in the mail). Any tips? Maybe I should get a new BB and crankset, plus a chainring so I can use spacers like normal people .