I was not suggesting that you do not use a UN55 (it would be my first choice), merely noting that a 118mm UN55 might not give you exactly 47.5mm chainline, and warning that plastic cups (found I think on the cheaper UN26 and some Stronglight BBs) might give problems, as might very loose metal cups found occasionally on some UN55s according to the the CyclingUK forum thread.
If you were using a 3/32″ chain (which is what I use on my fixed with an old Shimano road chainset), then getting the chainline spot on is less critical. If you plan to use a much less flexible 1/8″ fully bushed chain, then I expect you will need to get very close to your 47.5mm, so you might need to consider using a spacer to fine tune the chainset’s chainline with your chosen BB.
I would be inclined to install everything using your 116mm BB, and then measure the actual chainline of the sprocket in situ (i.e. check that it is 47.5mm with your chosen hub) and likewise measure the actual chainline of the chainset, to see how far short of 47.5mm it is, and use that measurement to confirm if a 118mm UN55 is the best choice.