TLDR: How much leeway there is, if any, in selecting the bottom bracket axle length for octalink or square taper cranks in order to reduce chainline?
Background: I'm doing some minor modifications to my old bike to make it suitable for bike touring. Probably the main change is moving from 48-38-28 cranks to 44-32-22 cranks. Also I want to do it cheap – it's an old bike and the point is if it gets stolen or broken during transport I would not lose that much. However, the solutions have either unknown or larger chainline. The shifting is buttery smooth on my bike and I do not want to lose that.
At the moment I have Shimano FC-M171 cranks. The service manual says the chainline of the cranks is 47.5mm which I also measured on the bike. The BB is square taper Shimano BB-UN26 68x122.5mm. I calculated the rear chainline using the instructions on the Parktool's site to be 45.5mm.
There is about 1.5 cm clearance between the largest chainring and the chainstays and about 1.8 cm clearance between the crank arm and the chainstays. The new crankset has a 7mm higher Q-factor than the current cranks, so it's possible that it will help with the clearance, too.
I'm considering two options:
One is to get Shimano FC-T4010 cranks and replace BB with an octalink one. The advantage is that I can get these cranks at 170mm length which is slightly better for me. The problem is that according to specs it has 50mm chainline and a 126mm axle should be used. Sheldon Brown mentions possibility to use shorter BB to reduce chainline. However, it doesn't seem to be a common solution. In fact I found mentions that you absolutely have to use the axle length recommended by the manufacturer. Can I go with 5mm shorter (ie. 121mm) octalink bottom bracket to get the same chainline with these cranks?
The other option is getting Sunrace FCM914 for the square taper bottom bracket. However, there is no information on the chanline and the recommended axle length. I found some unofficial info on one of the shops selling it that the chainline is 50mm, but not information about the axle length. Does it mean the cranks will fit any square taper BB and only the chainline will change?