Sugino 75 spindle

fixedpip

I assume you're using a pin spanner and right tools, have the bearings facing the right way (assuming this is a new 75 BB with the caged bearings) and know what yer doing, so my only thought is maybe you're using too much grease and getting false positives when trying to get the adjustment right.

Aside from that, I'd inspect the bearings and races for damage; try with loose ball bearings as maybe the retainers are damaged in some way?!?

Yeah - I'm doing it by the book. Might give the loose bearings a crack, although that sounds like inviting even more grief! Possibly too much grease - where would you draw the line between 'too much' and 'not enough'?

hippy

Spacer perhaps? Right number of bearings each side? BB shell isn't too wide is it?

It looks OK, and the lockring fits on nicely, so I don't think it's because the shell is too large. And the bearings are caged and came with.