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@s.walrus
For the answer to "BEST AXLE LENGTH FOR THIS CRANK IS..."
You need the old faithful, ever sticky Transmission Database Thread
You'll notice for the same cranks people usually always use the same length BB axel (irrespective of BB and hub make), because most people are aiming at a 42 or 44mm chainline. 2mm either way doesn't matter much, despite everyone's obsession with the perfect line.
If the cranks you have/want aren't listed buy a cheap 111mm BB on eBay. Try it, it will either work, or allow you to work out what size you really need.
The one thing to look out for is ISO vs JIS tapers. They are compatible but come out about 4.5mm different (see http://sheldonbrown.com/bbtaper.html)
As others have mentioned 40:16 might be a bit spinny. 42:16 is probably as low you'd want for pootling around London.