Oh yes... You will probably need a longer axle. Make sure you take the same diameter and thread pitch. And learn how to adjust cup and cones, if the hub has not cartridge bearings.

And about chainline... If the BB shell is 68mm, an option is a 115mm spindle (square taper) and some older double shimano crank with the chainring in the inner position to set the chainline at 42mm.

check sheldon's database