Many old houses on 240 used three wire on a 240 since it was a balanced load or it was just a service panel. But it is not the way to do it, since code will require running a neutral and ground. But it all starts with what do you have coming into the panel. If you pull the cover off you may find it has three wire with a ground. But no I would not just run the neutral and ground together.
Fully explained in this video
https://www.youtube.com/watch?v=dlVhS7wSZtw