Chainring clearance

Yes Shaun it would have had originally but it had been swapped out probably 25+ years ago for a FAG plastic sealed BB. It was butchered out hence the requirement for having the threads chased.
 
I've read somewhere there is meant to be normally 5.mm clearance, as shown in photo is far too little.

Silly question did you order exactly the same width BB axle, if so how come this ? another (cheaper) option is to install a spacer on the drive / crank side, OK this pulls the whole unit through to the drive side by the width of the spacer normally about 1.5 or 2.mm if I remember, then the left-side (which is a threaded bush) needs taking in to allow the same amount of sleeve on the left side bearing, I have done it before when building up a frame from scratch & you have no idea what the original intended BB width was meant to be.

Otherwise new sealed longer BB, remember when you order only half of the extra length will be on the crank side, so if you order an extra one 5.mm longer 2.5mm will be on the crank side the rest of the left side.
 
I originally had in a 118mm UN55 BB. The LBS removed it, and installed a longer one - the longest they had was 123mm. and also installed a spacer to offset it a little too.

All working now.
 
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