How-To/Mechanics: How much adjustment range does a Phil Wood BB really have?

I'm building up a touring rig with a TA-style cyclotouriste triple crankset. Looking back through the old catalogs, the recommended spindle length ranges from 120mm to 123mm, depending on the year. At the moment, I have a loose-ball BB installed: Shimano cups with a no-name 122.5mm Chinese spindle. Everything seems to line up okay; I have sufficient clearance on the crankarms. That's a big deal, since the TA Pro V crankset (and its assorted French/Japanese clones) have straight arms and a really low Q-factor. If the spindle's not long enough, the chainring bolts (hex-headed external bolts - the TA stuff is old school) chew up the chainstay.

Loose-ball BBs are rebuildable, but Phil lasts forever. I have a line on a 120mm JIS Phil for cheeeep. The Phil BBs have adjustable chainline, up to 2.5mm off-center in either direction according to the FAQ. There may be some additional offset issues; I'm not 100% sure whether the cranks are actually ISO or JIS.

Has anyone used a Phil BB? Did you find that you had the claimed adjustment range? It's an awfully long BB if it isn't going to work; it may hang around forever.

I should really start a build thread...

EDIT 11/03/09: Nothing? Really? Hm.

(dyslexia - Duffman's secret shame)