220v 30amp 4 Wire to 3 Wire Bandsaw
I am really not sure what you mean by depreciated. So moving on from that we can see if this question can be answered. 

Many people get confused with different types of circuits. In your case a 240V circuit or a 120/240V circuit, and these are two different circuits. The 240V circuit (a nominal 220V) requires the use of 240V only. This requires 2 conductors that measure 240V across them and a grounding conductor. A 120/240V piece of equipment requires two different voltages to function. This one requires 2 conductors that measure 240V one conductor the neutral conductor (the white one or identified or grounded) and it measures 120V between the other 2 conductors and a grounding conductor.

The NEMA configuration 14-30 receptacle is a standard design for the 120/240V circuit. There is nothing wrong to use it for a 240V circuit. 

That's a long way around to say that the receptacle itself and the circuit really doesn't have to have a neutral if it is a specific duty circuit for the band saw. Even though you might want to install a neutral conductor if you are ever thinking about using the circuit for something other than your band saw.

Stay safe and never work on circuits when they are alive.