I took both the original crankset and the one one I bought off of ebay down to the local bikeshop. The guy there told me the crankset I bought wont work. He said it was like trying to put Cadillac parts on a Pinto. I asked for suggestions, but he said buying cranksets would be hit or miss as far as whether they would fit.
I visited another bikeshop, and got a better reception there. They suggested that using a bottom brakcte with a longer spindle might solve the problem. He said that going to a sealed bottom bracket would be a good thing anyway.
I pulled the bottom bracket off the bike. Removing the fixed cup was a challenge. I had the proper Shimano tool. It fit on my 3/8″ drive socket wrench. But everytime I tried to turn it, the tool would not stay seated. It was installed VERY tight. YES I KNOW THE FIXED CUP IS LEFT HAND THREADED! I thought about about using my impact driver, but it has a 1/2″ drive shaft. What I ended up doing was to hold a piece of 1/4″ plywood over the other side other bottom bracket, and using a large C-clamp to hold the wrench firmly in place. Then with a hammer, I tapped the handle of the wrench. This loosened the fixed cup and I was able to remove it. I measured the spindle to be about 123-124 mm long, but the numbers on the spindle suggest it is 124.5 long.
I took the BB down to the the bike shop. He found that he didn’t have one in stock of that size. He is going to order one. The longest they have is 127mm. I don’t think that is long enough to allow the crankset I bought to work on this frame. I am watching ebay for some more cranksets. Laying a ruler across the small chainring, I measured down to where the spindle enters the crank/spider. It is only about 1/4″ on the original crankset, bit is about 1/2″ on the Shimano set that I bought on eBay. At last I have any idea what to look for.

On the brake front…I have been looking at using the V-Brakes currently on the Trek 700. But I looked at photos of currently cyclocross bikes such as made by Trek and Bianchi, and notice that they have cantilever brakes. I could easily pull the canitlever breaks off the Specialized Crossroads that I bought for parts. The Trek 700 doesn’t have the housing stop braised onto the seat post, but I found that I can buy a housing stop that attaches to the seat post clamp. I can also buy a housing stop that fits onto the 1″ steering tube. Then I can buy regular aero levers, and not be restricted to the $50+ Dia Compe 287-V’s! A much cheaper way to go!