the chainline might line up with the chainring in the middle position if the rim is centered between the hub spacers... more problematic than that is chain tension in short or vertical dropouts. unless you're lucky as crap, you might be able to magically get good chain tension with a certain gear combo. or you could buy a eno hub... or have trackends welded or brazed on. i would go with the trackend idea.

by the way, do you own a moots?