The short answer to your first question is "no". The single phase meter will meter the 208v loads accurately, but not the 120 volt loads accurately. The 120 volt loads will meter approx 75%, but it will vary up or down based upon the power factor.
For a 200 amp or less service, the meter you should use for this is a 5 jaw "network" meter.
The cost difference between the meters is approx $90.00 (single phase -$30 vs network meter - $120).
I hope this helps
[This message has been edited by ameterguy (edited 01-06-2005).]
