The only time you're allowed to use 3-wire for 120/240V is on the service entrance -- that's from the utility drop, through your electric meter, to the very first disconnect switch or breaker.
Beyond that, you must assign 1 wire to safety ground. With 4-4-4, that leaves only 2 wires, so you'll either have 120V only, or 240V only (no neutral).
If you run in 240v only mode, then at wire redline (65A) you'll have 4.5% voltage drop. That's "not great, not terrible" - I wouldn't sweat it. In the US you are not required to sweat it.
In Canada, you are required to limit to 3.75% voltage drop (literally: 3% drop at 80% ampacity, but, same thing). That calls for a 55A circuit (3% happens at 44A).
If you run in 120V mode, then you'll be at the horns of a decision. You can run 65A of draw at an alarming 9% voltage drop.... or you can run proportionally less amperage at proportionally less voltage drop.
Canada rules would limit the circuit to 25A. Ouch.