Most spikes that may damage sensitive electronic equipment are between the Ungrounded Conductor and Grounded Conductor so a proper surge protection device can still help regarding that even in your old two wire system, it's still better then nothing.
As far as safety equipment grounding, as you don't have a true separate equipment grounding conductor I would NOT make any attempts to jury rig a "bootstrap" ground using the Neutral. Even in two wire systems proper polarizing receptacles and plugs are best.
FYI The Grounded Conductor (Neutral) is for conducting normal return current, while a true separate Equipment Grounding Conductor (third wire) is to provide a dedicated low resistance return current path FOR FAULT CURRENT ONLY.
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Today's Featured Article - What Oil Should I Use? - by Francis Robinson. I keep seein this question pop up over and over again in discussion groups all over the web. As with many things there are often several right answers and a few wrong ones. Some purist I'm sure will disagree to no end with what I will tell you but most of us out here in the real world don't really care do we ? Some of them only bring their noses down out of the air long enough to look down them anyway. If you are like me you are only doing this old tractor stuff because you enjoy it. You
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