Re:
This probably works best with a 120mm between dropouts.
I don't know how this works with cassette-hubs, but for threaded hubs, Basically, there's two options, (or a little bit of both options) - You either mess around with/replace the bits around the bottom bracket to get the chainring in line with the freewheel, or you mess around with/replace bits of the back wheel to get the freewheel in line with the chainring.
Personally I prefer the latter- I haven't had to change from a BB axle or cranks that accepted double chainrings in order to get a perfect chainline, but I usually end up with a slightly reverse-dished wheel with most of the spacers on the non-drive side, and if you are reverse-dishing the wheel you should, for safety's sake, really move the slightly shorter erstwhile drive-side spokes over to the non-drive-side and vice-versa, which means taking the whole wheel apart and rebuilding it.