Wow, not trying to talk you into it...different subject, but why a 220 chiller? Just b/c your rig is 220, that doesn't mean you need to run a 220v chiller does it?
I pulled the trigger last night and ordered the coolmate 300 220v. I wanted to go with the 220, since I already have welder hooked up to 220, I can just plug cooler right into back of welder and they both turn on and off at same time.
I'm late to the party - but just a thought. If you run 4 conductor wire to where the welder plugs in (NMEA 14-50 plug for example) you have both voltages. It feeds off the same breaker. Your "4th wire" is neutral.
However, if you want to get technical - on service entrance panels in North America neutral and.... take a guess here... earth ground are bonded together. That means if you check continuity on a 120v outlet your neutral wire and ground have continuity - because they are tied together at the breaker box.
Sub panels are a different story. They may not have bonded neutrals (meaning bonded to ground). However, that sub-panel is pulling power from a main panel that eventually will tie in to service entrance where ground and neutral are bonded.
So, technically speaking, because neutral and ground are bonded together you can reverse the theory and say that your "ground wire" on a 3 conductor pair (note that I didn't mention voltage - as the power lines don't matter - if you get hot and neutral or L1 hot and L2 hot, doesn't matter) is your neutral. So by taking either of your L1 or L2 hots across ground you have your 120v.
The catch to the above is that in romex the ground wire is paper wrapped, and when you get to larger conductor wire (likely 10g and up) the "ground wire" is reduced in size. It seems to me that 8/3 and 8/4 (fixed install building wire, not SO cable for equipment hook-ups) size wire uses only 8g for hots and neutral, whereas ground is 12g or 14g. So by theory of wire gauge the smaller gauge wire would be current limited. So for a light bulb on a drill press or a coolant pump you might be able to get by.
Though, for big machines (like lathes) that have 120v accessory power - such as to run digital readouts - they have a secondary winding on an input transformer that supplies the accessory power. The good thing about this is sometimes the inputs of those transformers have a few taps to meet various line voltages - that keeps your control voltages much closer to spec.
But for a work light or a small pump motor where the voltage isn't critical and the amperage is very low - even on a 240v grounded circuit you should be able to get 120v if you need to.
The catch is if you end up needing to draw current later it wouldn't be a smart idea to run off the ground wire as neutral...
To each their own, and if it were me I wouldn't want to use a ground wire as neutral normally, but the theory is here to do it and if it were temporary or to prove a concept it would be possible.