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the fact that K&T lacks a grounding conductor (bare) is one factor that is hard to overcome.
it is best that you figure a way to install some newer wiring back toyour panelbox during any renovation here vs. utilizing ( and buring..) the older K&T
In any event, one 'slot' should hold one breaker, and one breaker in 99.9% of American residences would give you 120 volts.