The chainline on my Peugeot above is perfect with a Formula fixed/free hub without reversing the spindle or using washers for spacers. I actually had to omit washers to get more clearance. The teeth clear the crimped part of the chainstay by no more than 2mm. The 52 ring is perfect for me with a 22t cog. I don't understand why most fixies are built with small chainrings. Bigger gears are more efficient and wear less. The only advantage I can think of to smaller chainrings is that chain tension is higher and that makes it easier to skid, but skidding a $30 tire strikes me as stupid.