Ignoring for the moment the fact that you’re guessing a voltage, the worst will be you have the wrong sign to a power - meaning it looks like an export when it’s actually an import - if you don’t watch the orientation of the c.t’s.
You are aware that the 3-phase emonVs can be used to monitor both legs of your split-phase supply, and the software enables you to pair each c.t. with the appropriate voltage (or for a 240 V load with the sum of the voltages)? I think this might answer
Obviously, the answer to this question assumes a single-phase emonVs and depends entirely on how well balanced the two voltages are, and this in turn depends on the fault level (i.e. the source impedance) of your supply and what you’re using at any given moment.