Simple question? Complicate answer!
The difference between 21T204 vs. 21T202 is not "2 track vs. 8 track". In this sense they are compatible, in that they *and all MRL tapes* are recorded full-track. The real difference is NAB vs. IEC(1) equalization curve, respectively. Without getting into theory or complicated explanations, the most concise information I could find that's definitive is:
"At 7.5 in/s two equalizations are used, but the usage is fairly uniform:
NAB = IEC2 is mostly used in US; and
IEC = IEC1 (= CCIR = DIN Studio) is mostly used in Europe."
(ref:
http://home.comcast.net/~mrltapes/choo&u.pdf )
The 388 manual specifies (NAB/DIN/IEC) equalization, which probably means it's flexible enough to run either but specifies neither. The 388 is 7.5 ips. I was steered toward the 21T204 specifically for being NAB by a very knowledgable seasoned pro. I'm in the U.S.A. If I were in Europe I'd probably get the 202 for the 388.
When you talk about MRL tapes, then contemplate all sorts of recorders, track counts, tape widths, speeds, you will find (and use) different standards for different reasons/speeds/widths. There are usually solid recommendations to go by, starting with manufacturer setup and specifications. (The 388 manual is not specific). Then, there are a lot of technicalities to it & I've not absorbed it all. People who really understand this stuff well may choose different equalization curves to calibrate/record by, for a number of different reasons related to audio and the magnetic properties of tape they're trying to exploit.
In large part, the "equalization curve" business is a technical effort to get the most out of
modern tape formulations, capturing the best HF content and reducing noise, as well as giving the "flattest response", but the EQ curves themselves are anything but flat. There have been several standards, and they all have optimum uses and fans as well as drawbacks and detractors.
You follow the accustomed standards for the setup, even though most if not all of these tapes (our home recording multitracks) will never see light of day, except in our bedrooms and home studios. It's more of being aligned and calibrated as concisely as possible to get best R/P response, more than having wide compatibility of machines. At least on the 388 I'd say that. A 2-track master would be different, where wide compatibility with other machines would be more important. However, getting a recorder dialed in with alignment and calibration assures maximum compatibility with other machines. These two ideas go hand in hand.
I think the 21T204 is the "most correct" one to choose for the US user & the 388. 21T202 for European setup.
http://home.comcast.net/~mrltapes/pub101.pdf
http://home.comcast.net/~mrltapes/equaliz.html