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@Surfrdan
Broke bike down and removed all unnecessary components (saved for future restoration). It looks like I will get a good chainline by just mounting the inner ring in place of the big ring with some single chainring bolts. Does this sound right? I've tried holding a ruler against the chainring in position and it looks good on the hub. I draped a 1/8th chain over too and that looked good but it was too short to complete the chain.
The confusion over the model is due to somebody having rattle canned the frame in red but they masked off the decals beforehand. Evidence of that metallic sky blue colour from the 80s underneath. They did a bad job as there is evidence of red paint on the casette and spokes! Still it;s good enough for commuter duties and another layer of paint will help protect it. Its fine at a glance