Yup, checked that yesterday and found with the cable slack it won't pull the chain back far enough. Had the same issue on one of my bikes and it ended up having the wrong spindle length on the BB. Put a longer bb on it and works like a dream now. This has the external bearing type where chainline can only be adjusted via cup spacers. I just haven't had any experience with full sized bb shells as my Giants have the smaller bb shell. Seems like if I try to space out this type of bb it will cause the orings on the cross over tube/shield to not seat and therefore leave the bearing cups exposed. If you have a fat seat tube (34.9 clamp size) it can make it difficult or impossible for the derailleur to pull back far enough. Spindle length or spacers can take care of this.
Hell, I might just save the headache and take down to the LBS for a diagnosis. Sometimes I waste so much time researching and troubleshooting when the LBS could possibly take one look at it and say "oh yeah, it needs one of these thingamajiggies".