Hi LMS,
I live in a 90 year old house and many parts still Knob and Tube plus there were parts that were rewired over the years. When I moved in a decade ago I followed code and rewired the house completely. I only used GFI circuits in the wet areas, baths kitchen, laundry. I have yet to have one trip. There are none in my shop.
Code is a very political and financially motivated thing and in the end common sense is the way to go. There are a couple of guys who rewrite the very large code book every year and incorporate a bunch of things to pad the profits of the electronic device makers. Not always needed and sometimes more dangerous than the old equipment. The municipality then adopts the parts of the code that they want to. So just because it is in the code book does not mean that it is required in your area.
Child proof outlets and Spark arrestor breakers were new when I was rewiring. Both are expensive but I put them in and both are a pain. Took out the spark arrestor breakers.
WRT to the 220 lines and a neutral you should run the neutral wire as well as the gound. Previous comments are correct that the ground is not suppose to carry any current, ever, but if the load is unbalanced then there may be return current on the neutral. If you do not have a neutral and there is an unbalance between the current in the two hot lines then it has to go back on the ground. For example, I run 220 to my lathe and one side of this is used to work like a 110 line to supply power to a light, fan etc and these would unbalance the two hot lines. In fact, around my basement shop I ran a 220 line with neutral (three wires plus ground) around the room wall. Every so often I installed 110 outlets and would run the wire on to the next outlet. In a outlet I connected one plug on one side of the 220 and the other plug on the other side. This way I essentially had two circuits to power tools etc. If I needed a 220 out let I could just change the plugs.
Dave L.
PS. I see you live in Rochester, NY. Many years go I worked for Eastman Kodak in Rochester. I lived in Webster. Now I am in Pittsburgh, PA but I still have friends in Rochester.