this 240v wiring seems sketchy to me...

Jayne said:

I used the un-OSHA approved lockout method on the panel, told the wife "don't touch anything or I might die".

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You must buy your wife guns or you would already be a dead man.

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Older plugs where 3 wired newer are 4 wired.
Get the new plug for the new appliance and rewire with 4 wire.

Do it right.

I could solve that a number of easy ways and feel good. As a licensed electrician I would recommend the new 3 conductor with a ground.

Your current wiring (no pun intended) is not safe or correct. Your neutral wire, presumably from the the neutral bar in the panel is wired to the ground lug. The ground lug bonds to the appliance chassis and hold it at a safe potential (touch) and hopefully would trip the circuit breaker should you wind up with a fault. The ground is not considered a current carrying conductor. It should only bond to neutral in the panel.

As far as sizing, the neutral could theoretically carry double the current of either current carrying (hot) conductor since they are 180 degrees out of phase (unless you’re running a 208/120 three phase, which would be rare in a residential circuit. Consequently, absent other information, the neutral wire should be sized accordingly. Consult the NEC or call an electrician.

Jayne said:

Actually, the gun forum is a great resource for anything that isn't about guns. Every tactical timmy shows up to throw in their 2 cents about guns, but usually only people with actual knowledge/experience will chime in on off-topic stuff. What are the odds that an airsofter shows up on a gun forum and pretends to be an electrician?

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now that you mention it....

DrDover said:

Hire an electrician. The $100 for them will be far cheaper than a funeral or burning down the house. It appears some have explained how this all works, but it is not wise to be wiring things when you have to ask questions like you are asking. I was an unlimited licensed electrician in 3 states and am still an electronics/I&C technician so while I am stupid I do understand how angry pixies work and move. Please seek professional help and do not come to a gun forum for electrical instructions.

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I disagree with you, CFF is more then a firearms forum, we have folks from all walks of life with a wealth of knowledge and experience, just like yourself.