The unknown is the chainline. What it will be with the Shimano triple you can't know until you fit it up and measure.
I've tried it on my Cross-Check. IIRC, that LX crankset has a 50mm chainline if installed per spec. I tried several road triple FD's (not an Ultegra, but a Sora triple, a Tiagra double, and a couple of Campagnolo models) and none of them had enough reach to shift to the big ring, even when I cheated a little and moved some of the spacers to the left side of the BB to bring the chainline in a bit. Mountain FD's worked fine, of course, though the Shimano ones may interfere with the rear fender on that particular frame. The OP didn't mention if he was using STI or friction shifters for the front. I don't believe STI will index properly with a mountain FD, so that may not be a workable option.
EDIT: I should point out that my experience is with the LX M581 48-36-26 crankset, which has external bearing cups (Hollowtech?), not Octalink.