Robert11 wrote:
But, for the 240 volt situation, where each hot is 120 V rerlative to
Ground, i would
imagine that both would then be lite ?

Yes - your conclusions are correct. I'd wire it as shown in the 2nd
diagram, with one MOV to hot, one to neutral, and the white (common) to
ground. That provides protection from neutral to ground if any voltage
should be induced on the neutral circuit from current created by the
lightning strike.