The question asks for a general answer but gives only one special context. In general, only and but only are not substitutable. *they but only work that way occasionally.

This will only happen if you go with me. This will happen only if you go with me. Which is grammatically correct? I can only do so much in this time. Or i can do only so much in this time. I am from bangalore and people here tend use the word only to emphasise something in a sentence. We are getting that only printed.

Or i can do only so much in this time. I am from bangalore and people here tend use the word only to emphasise something in a sentence. We are getting that only printed. What is the proper way to put it?