bike wrench

Building a parts bin bike, on an old Gary Fisher Advance frame. The only thing I need to buy is a bottom bracket. The current square taper 73/113 is toast. I checked the 94 Fisher catalog and that was what it originally came with stock along with a triple crank set, the largest ring being 42t. The only crank sets I have lying around have biopace rings both have 48t on the largest ring. Out of curiosity I installed the drive side on the 113 mm spindle, and the largest 48t ring of the triple just hits the chain stay twice each rotation because of the ovalized ring. Where it's not hitting there still wouldn't be enough clearance for a 7/8sp chain. I think if I went up to a 118mm it could work. Do i just measure the current chain line and add 5mm? How much offset until it badly affects shifting? I've also heard it can mess up the taper on the crank arms. Not overly concerned about the components being a parts bin bike. Just concerned about clearance and good shifting. Should I just the go 113mm spindle and then buy new smaller round chain rings? Thanks