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Thanks! When the mechanic forced off the crank he put a new a bb-un300 with a 122.5 spindle so gives a bit more flexibility and avoids any chain stay rub. it does have an incredibly crude original frame guard you can see in the images. Theyve bolted a hanger thing, then powder coated it and then add like a saw tooth plate to account for the triple chain rings.
The mechanic remarked it looked like the USA Trek factory was producing components in someones garage.
Bike looks great with those tires, indeed!
Might be stating the obvious here, but for 110BCD, there is the early 90s cranksets (M650 suggested, or M730 XT, or M550 LX, maybe even more in lower tier components). They all used to go with 122,5mm long axle, you would probably be changing the bottom bracket anyway to make it work (current cranset uses IIRC something like 113mm, may work on the outer position, may aswell be hitting the chainstays). Octalink is not great. Possible to go 110BCD with current HT II compact road cranksets, best if you had a way to try if it doesn't hit the chainstays before buying one.