two points. you don't have to use the outside nothces, most octalink bb's have the standard shimano inside splines as well as the outside notches.
if your bb is italian threaded, then the drive side should turn the same as english, towards the rear triangle to tighten/the forks to loosen, and the non-drive should turn towards the forks to loosen and the rear triangle to tighten (they both turn righty tighty, lefty loosey).
ultegra octalink BB tech specs (shimano tech website):
http://techdocs.shimano.com/media/te...9830608710.pdf