Well ... you really need to know what your front ring position is before you do anything. it could well be that even with a perfectly fitting rear hub, your chainline is off to begin with (like on my bike). You probably won't have to mess with your BB. Adjusting chainline could be as simple as moving your ring from the "inside" to the "outside" of the crank arms ... or using some spacers between the ring and crank arms.
I suggest you do all your measurements first, then decide on the best approach to "fix" your rear wheel.
check out www.sheldonbrown.com
Follow the fixed gear conversion links ... lots of info here.
In reality, it's not essential to have a perfect chainline. If you keep the chain tension tight, it's unlikely you'll throw the chain. having ridden fixed gear for quite a while now, I'd prefer to get a straight chainline because:
1) there's less friction per pedal stroke (yes, you can feel the difference)
2) your ring/cog doesn't wear as fast
3) your chain lasts longer (impt if you tend to stop by pedal pressure)
4) less noise
cheers and good luck
des
xisle said:Is 3.5 mm enough to cause chainline issues? Perhaps I could overcome the problem with some bottom bracket shenanigans.