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42mm chainline, capacity for 40mm tires
There's your trouble. Allowing proper clearance on the tyre and the chainring spider, assuming a conventional track type design, you have about 9mm width available where the chainstay passes between the tyre and the chainset. It's not an insoluble problem, but it's not going to happen with a straight steel tube running from BB shell to dropout.
Frame building question: How difficult would it be to combine a 42mm chainline, capacity for 40mm tires with fenders, and a 120mm OLD?
Critical missing info: Using single speed/ track crank with a narrow tread (Andel Campy Record copy)