-
Assuming Hollowtech?. Chainline will be something like 43.5mm I think, which if it's a double will be halfway between the two rings, so you could put the chainring on the inside and I think that would make the chainline 41mm. You could then space it out with a BB spacer to get it bang on 42mm (if thats what you're after)
That sounds right in my head, but someone with actual chainline chops might be able to confirm.
-
Is the chainline likely to be an issue?
It's not going to line up with most track hubs. Your choices on a HT2 road double with a 1/8" ring end up being about 39mm inner and 48mm outer. The latter works well with a 6-bolt sprocket on a modified Boost (110×15) front wheel. You end up needing a lathe to move most common track hubs sideways, so the MTB hub option is no more trouble.
Next stupid crank question. I have a 105 crankset in my parts box, I can't remember the exact model but it's about 5 years old. Is there anything to stop me slapping a 110BCD 1/8" chainring on there and riding it fixed? Is the chainline likely to be an issue?