240V drop black red white bare on a 50A CB installed on the main power panel you want to split ths into two separate 120V circuits using the white as neutral for both will the 50A cb function normally?

It Will To The Exception That It Will Take Over 50 Amps To Kick The Breaker. You Will Have Two Circuits Protected By A Double Pole Breaker. You Could Remove The Strap On The Breaker That Holds The Two Together Giving You 25 Amps Per Circuit. ie One Breaker For The Black Wire And One For The Red Wire. Good Luck No, you will need to remove the double-pole breaker and install a separate breaker for each circuit, preferably no more than 20 A. The neutral and bare grounding wire can serve both circuits.