It's been designed primarily to run an MTB crankset and full builds will come with this. However I am running a 46/34 chainset a la peaks, with a small spacer.
1x2.5mm spacer is ok but only works on Shimano or FSA cranks. Not SRAM, as SRAM chainline is fixed by the way the axle is held by the non driveside cup.
Also, on that On-One ti. frame: