Hmmm...what about shielding?
Yes, in general it will work for both applications but is that all? The main difference between the two, for me, is that one will carry a low level signal and one a line level signal. Shield should be considered as any interference picked up by the phono IC's (low signal more prone/susceptible to interference) will be amplified by 42 dB (typical phono gain for MM) + SUT gain plus linestage gain. I think saying that the only difference between the two is the drain wire is a little vague IMHO. Just like saying that the difference between two ,say, 6SN7 tubes from different manufacturers is only the brand name.
My opinion only.