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 - Restoration Story: 1929 McCormick-Deering 10-20 - by Randal Simmon. On July 4th 1998 my dad and I was sitting on the front porch when he said that he was going to sell his two 10-20's to a junk man. He said that the junk man was going to give him $500 for both of them but he hadn't received the money for them yet. So I went into the house and wrote him a check for $500 and bought them myself and said now they are mine. He had bought them about five years before thinking that he was going to restore them himself. After five years sitting in the barn, he changed h
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