I hadn't thought of using a step-down transformer to eliminate the need for the neutral wire from the main panel to the sub panel. I'll have to remember this.
Of course on new installations, I'm going to pull both an equipment grounding conductor and a neutral wire, along with the electrical conductors.
However my State Electrical Inspector is also going to require the following:
1. a 125 V single phase recepticle outlet, 210.50G2 or 210.64
2. Interior and exterior lighting outlets 210.70
3. Metallic well casing grounded 250.52A8
I WILL get a correction notice if I don't do all the above.