Thanks for the feedback.
Where the NEC discusses the marking of the grounded conductor, is the color shall be, where insulated,.... This seems to suggest that the neutral need not be insulated. I agree that I've only seen an un-insulated "neutral" on the POCO side of the service.
How did I "convert" 240 to 120? I was lucky in that the panel was a main panel, so the ground bus also qualified as a neutral bus. All I had to do was identify one of the wires, mark it, and terminate it in the appropriate places.
On a follow-up visit, the manager told me that the maintenance guy had tried to get in the apartment to see "what I'd done," but she had refused him. I thanked her, explaining that it had been necessary for me to do work at both the apartment and the panel in order to make the change.
