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You mean crank arm?
If that hits first, you can mill bits off it. Eventually you get to the point where your pedal axle is poking out of the back of the crank. I'd like to do shorter threads, I think large diameter (like FC-7300/PD-7300 but without the bearing-in-crank thing) would keep the stress within reasonable bounds with a 10mm thread engagement, which is about 4mm less than we use with 9/16×20, so 125mm Q looks feasible. Custom pedal axles and custom cranks - only rich people need apply :-)
I've been looking at how low you can go on a T3. Seems like the pedal axles start hitting the chainstay when you get a to a Q of about 132mm.