I believe all ggunn is saying is that if you have a 240V 2-wire load, and you want to compute the %Vd, you can use 240V along with the two-way resistance, or use 120V along with the one-way resistance. You'll get the same %Vd either way.
For absolute Vd, using 240V and two-way resistance gives you the absolute Vd between the 2 wires. And using 120V and the one-way resistance gives you the absolute Vd of one of the wires relative to a fixed neutral point. Which is just 1/2 of the absolute Vd between the 2 wires.
Cheers, Wayne