You have a lot going on there. Are we to assume you didn't use spacer and compression because the crank offset was shifted to drive side? The crank shaft is tapered in the middle and the OD is larger on the ends for good bearing engagement, if you are too far shifted it will cause problems.

However, there are several other potential problems with your setup including spacing method/degree on drive side, seal covers, method of compression without compression nut...

In most cases the crank should spin freely when installed several revolutions with just a couple of NM compression. WTS, threaded hollowtech BB frames are often not the greatest as compared to some others as alignment is subjected to frame tolerances where as other frames can use a BB that threads onto itself.

Without regards to clearance for PM, install to spec to check for freeplay, spin and you will narrow down your root cause.

Good Luck.

Though I can’t condone spacing the crank any wider than recommended by Shimano, I’ll try to help. Bottom bracket spacers should only contact the inner race of the bearing. If the spacer touches the outer race of the bearing you’ll experience drag because it’s fixed to the frame while the crank and axle and fixed to the inner race of the bearing.

Fixed. Custom made a hard spacer tonight. A 1” pvc pipe cut to thickness and sanded to .1”.

Preloaded with a work clamp lightly and good to go.

No outer race rub, feels smoother. Probably confirmation bias.

We’re gonna see at the TT on Sunday.