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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.
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?