>> 50/60Hz transformers are actually very effective surge
>> protectors in themselves if the circuitry on the other
>> side is designed a bit conservatively.
>
>Could a simple 1:1 isolation transformer be engineered
>to provide this effect?

Yes, in a previous existence we used to use 5KVA isolation transformers with
the earth wired through as filter transformers in very noisy industrial
environments, for computer equipment that was susceptible to mains borne
spikes. The lump of iron and winding inductance made an effective low pass
resonant filter.

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