I don't know when the standard might have changed but, the more modern equipment, is made to operate at a 10% voltage, variance.
Regarding Knob & Tube, it is scarey stuff. I'm originally form The City of Orange, in Orange Co. It was founded, about 1880 and had LOTS of K & T wiring. In the '60's and '70's, there would be around one house burn down per year, because of that wiring, mostly broken wires, in the wall.
For those that don't know what it is, they used to run bare wire, threw the attic and the wall. The knobs where 2 piece insulators, nailed together, with the wire, between them, they then ran to the wall and down threw a ceramic tube to the outlet.