How to place MOV when you have a center tapped transformer 127V 220V
In general it's not a problem, but 127VAC * 2 = 254V plus tolerance (and the increase on the 127V will be doubled). So you should go higher than 230VAC rating most likely.
You might also consider using two MOVs the same in series, saving on a BOM item and giving you a 280V rating rather than 230.