Eventually I would like to find a set of Peregrine cranks for my '88 Master but since they are so hard to come by I would like to get a set of the newer Redline Flight cranks and use them for now. I like the look of the older compact disc sprockets like the Haro, Peregrine and Tioga versions. How do I know if these will work with the newer Redline 3 pc cranks? Also what is the difference in a European crank vs US or Spanish?

Not sure of the difference/benefit between the bb sizes? I guess it just depends what size bb u have. If you're putting them on an 88' Master then you'll have to go with an American bb. As for the disc. I've used the new school Flight cranks on a few of my retro builds w/Peregrine discs, and Flight sprockets and never had a problem. On certain sprockets u may need a spacer but that actually comes w/the newer Flight crankset. At least mine always did. Hope that helped?