Not an electrician but I believe the heating element will run at 1/4 of it's 220v power. It might not heat the oil properly.
I am also not an electrician, but I’ve played one on tv! I think you may be right but I do know that a step down transformer can work on a dryer. It may be better to wire a 220 line or spring for a new fryer! Good luck Frenchie!