120v from 240v with neutrals

I have 4 wires (currently 2 hot and 2 neutrals) thhn to an outside station. I need to install a 240v pump, but still have 120 equipment (sprinklers).

Can I use the two hots (different phases) for the pump, and use one of the hots with the neutral for the other equipment? If I understand correctly, the imbalance caused by the 120 is balanced by the neutral…

I know I could rewire and do 2 hots (240) and then do a hot/neutral. But I’d lose another breaker that I could use for something else. I’d rather not if I don’t have to.