Freewheel and chain ring alignment

[JohnnyCO]

I have had this problem too. Done a handful of conversions. I always think about what is going to be easiest. In this case, I would move the chainring in toward the frame with spacers. Your shooting for no less 1mm difference of front and rear chainline measurements. Looks like Dave M gots ya covered. Good Luck and have fun. Drop a picture of the bike when finished.