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RgrahamH
I've got one too (a simplex t de f) , not set it up yet as it will go on my yet to be painted Carlton Flyer frame. Try and get your head round this though; http://www.classiclightweights.co.uk/simplex_adjustment.html
If its for 1/8th it will be marked 3.17. (and will be 3 or 4 speed) If 3/32 2.38 (and will be 4 or 5 speed). Mines a 4 speed 1/8th I think-I can check the markings at some point if you need to compare to find out what yours is. Good choice of cranks by the way, I've got some of those as well, lovely light and elegant looking.