I have now done two conversion jobs swapping out road triples for MTB (Shimano) triples -- the first 22-32-44, the second your spec. I left the triple derailleurs on both times, and simply moved them down the seat tube so the outer plate was regulation height above the outer chainring. The shifting is acceptable for touring, and in the second case better than with the road triple. I don't know how a racer would regard the shifting, and frankly I don't care.
The three eessentials are to:
Get the chainline close (and that has to do with your BB, which you may have to swap out -- I am not familiar with how Sugino chainline compares with Shimano stuff, but Sheldon Brown's site will probably have a clue there --
www.sheldonbrown.com/chainline)
Get the derailleur at the right height (I think it's between 1.5 and 3mm).
Get the ramp on the outer plate on the derailleur that corresponds to the big chainring parallel with that ring by rotating the seat-tube clamp (and be aware that as you tighten the clamp, the derailleur position will change, so you have to sort of "estimate" the position it will end up in).
You might also need to make sure you start that by moving the derailleur down the seat tube to ensure that the back end of the cage doesn't foul the chainstay. Sometimes the margin there is pretty tight. If it does foul, you might have to look at an MTB deraileur... or devilishly, I'd look at doing a cut-and-shut job on the cage, but I won't go into that
