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I am not necessarily trying to recreate the 48.8mm chainline (which I assume is designed around a 142mm disc rear end?). I want to end up with the same 'effective' chainline – or at least one that is as close to optimal for my 150mm rear end using my existing cranks. Essentially 48.8mm + whatever to make it work with the 150mm rear end.
I asked the same question on my Instagram and the most authoritative answer suggested the longer BB with the chainrings mounted on the outer position would be best (edited for clarity):
I’d suggest, because of the wider-than-standard rear hub, you actually
want the chainline to be 53.8mm-ish.The rear hub is 10mm wider than you’d normally use on Cues, so the cassette
is 5mm more outboard. As such, add 5mm to chainline. The bistance between
chainrings is approx. 8mm, so +/-4mm to convert triple chainset to outer/inner
double.So the outer positions with the longer BB should work well. As you’ve
used the crankset with the rear hub before I wouldn’t be surprised if
it works in either position though, especially with an even longer BB.I unfortunately don't have the bike to hand so can't confirm all this but it sounds reasonable to me.
Why are you trying to recreate the stock Cues chainline? That'll all be designed around a different hub than you are using.