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Doug & List,
Having owned one of those super short wheelbase bikes in the mid '70's along with more normal ones I would comment this way. My super short bike, a Harry Quinn, with a 37.375" wheelbase, as short a chainstay as one could get with a 74° seat tube, tons of toe clip overlap and a higher BB than my track bike could do great things in a Criterium. I could lead out a race in the final turn and only those foolish or on a Schroder could pedal with me, this provided a useful advantage in those situations, and much frustration for others. That said, it was not the bike I wanted to ride on a 80mi training ride. The weight distribution was a problem in the wet, one had to be alert about the overlap, a blast to ride but demanding. Sold it and kept a Masi & LeJeune, and was just as happy.
With a modern width drivetrain 130mm vs. 120mm then, I would now look at chainline angle as a more imposing factor. The high BB is not as important today with pedals that afford more cornering clearance either.
Remembering those wild rides of youth.
John Jorgensen
Torrance Ca