Sorry but, no. The dispensationalists and CTers employ the same basic hermeneutic. The difference relative to being "literal" is merely a matter of degrees. Milton Terry, in his book
Biblical Hermeneutics, warns his readers severely about the dangers of allegorizing. The dispensationalist's claim to being literal is a red herring (No, its not actually a brightly colored fish - it's merely a figure of speech. ask your reformed friend what it means

) that puffs up some dispensationalists and influences unsuspecting neophytes.
The differing understanding between dispys and CTers regarding who the seed of Abraham is, seems to have its roots in presuppositions that affect how they weigh OT vs. NT text and how each reflects upon the true sense of the other.
What I am trying to get at is . . . Is this the case? Is it a case of presuppositions, and if so, what are some of the key presuppositions from each group?
This question of presuppositions is the focus of a thread that I started in the Covenant Theology forum, but alas, the well was dry.
I disagree that both approach the scriptures from a historical-grammatical hermeneutic. At least, the Calvinist is not consistent with this hermeneutic. This can be easily demonstrated in almost any passage in scripture. I will choose excerpts from John 6 as an example.
Jesus, speaking to the Jews, said this;
Joh 6:27 Labour not for the meat which perisheth, but (labour) for that meat which endureth unto everlasting life, which the Son of man shall give unto you: for him hath God the Father sealed.
The dispensationalists would read this passage and see a contradiction with the Calvinist interpretation of Jn 6:44 and would attempt to reconcile it in the contexts. After all, they have a direct command from Jesus Christ to labour for the bread that he will give them. The Calvinist would have already decided this passage was an appeal only to a limited few who had been predetermined to come and would not look critically at the text.
However, the answer to what Jesus meant by labouring is in the text, and the Jews understood it;
Joh 6:28 Then said they unto him,
What shall we do, that we might work the works of God?
They equated labouring with doing something, effort.
Joh 6:29 Jesus answered and said unto them, This is the work of God,
that ye believe on him whom he hath sent.
Jesus said that God had done the work by sending the life giving bread from heaven and all they need do is understand it as the true manna and eat. The only effort that was needed of them was to believe. The historical-grammatical hermeneutic demands that the labouring spoken of by Jesus is "believing".
The manna in the wilderness was recognized by every Israelite as food that would sustain them and they all gathered it and ate it and all who did lived.
30 They said therefore unto him, What sign shewest thou then, that we may see, and believe thee? what dost thou work?
Jesus had spoken now of the work of the Father of sending bread from heaven, himself, and the work that they were to do, labour for the bread, and now they wanted a work of Jesus for a sign.
This is iroinic because the day before they had seen him feed 5000 men plus women and children with 5 loaves and two small fishes and because of this was the reason they were there.
Joh 6:26 Jesus answered them and said, Verily, verily, I say unto you, Ye seek me, not because ye saw the miracles, but because ye did eat of the loaves, and were filled.
Here is what they said:
Joh 6:30 They said therefore unto him, What sign shewest thou then, that we may see, and believe thee? what dost thou work?
IOW, they could not believe until they saw a sign! Since the subject was food, they remembered that Moses had fed the Children of Israel in the desert with manna and they brought it up.
Here is Jesus' response:
32 Then Jesus said unto them, Verily, verily, I say unto you, Moses gave you not that bread from heaven; but my Father giveth you the true bread from heaven.
33 For
the bread of God is = he which cometh down from heaven, and giveth life unto the world. (This word is Kosmos - the inhabitants of the earth)
34 Then said they unto him, Lord, evermore give us this bread.
They are admitting they do not have this bread!
35 And Jesus said unto them, I am the bread of life: he that cometh to me shall never hunger; and he that believeth on me shall never thirst.
He is saying that coming to him and believing on him are the same things.
Jesus then says this to them about their condition!
Joh 6:36 But I said unto you, That ye also have seen me, and believe not.
He did not say; "but I say unto you". He said; "but I said unto you". He is referring back to verse 6
Joh 6:26 Jesus answered them and said, Verily, verily, I say unto you, Ye seek me, not because ye saw the miracles, but because ye did eat of the loaves, and were filled.
This is a far different reason for seeking him than for the multitude who wound up on the mountain with nothing to eat.
Joh 6:2 And a great multitude followed him, because they saw his miracles which he did on them that were diseased.
The issue now is established concerning the bread from God that gives eternal life. The issue is believing in his person. It is a spiritual issue and not physical. It is everlasting and not terporal.
Here is a comparison of the two attitudes that were present in the crowd that day:
Joh 6:36 But I said unto you, That ye also have seen me, and believe not.
Joh 6:40 And this is the will of him that sent me, that every one which seeth the Son, and believeth on him, may have everlasting life: and I will raise him up at the last day.
The subject is still life giving bread when these words are spoken:
Joh 6:37 All that the Father giveth me shall come to me; and him that cometh to me I will in no wise cast out.
He did not say that all the Father giveth unto me, "must" come to me. He says all that are given to him "shall" come to him. They are coming to him for the bread!
38 For I came down from heaven, not to do mine own will, but the will of him that sent me.
39 And this is the Fathers will which hath sent me, that of all which he hath given (all that come to him - that believe in him) me I should lose nothing, but should raise it up again at the last day.
40 And this is the will of him that sent me, that every one which seeth the Son, and believeth on him, may have everlasting life: and I will raise him up at the last day. (Because this bread can sustain them forever).
The Jews answered thus:
41 The Jews then murmured at him, because he said, I am the bread which came down from heaven.
42
And they said, Is not this Jesus, the son of Joseph, whose father and mother we know? how is it then that he saith, I came down from heaven?
These two verses are the most instructive verses in the whole chapter for our understanding of what it means for the Father to draw to the son for life.
This is the response from Jesus Christ to these words:
43 Jesus
therefore answered and said unto them, Murmur not among yourselves.
IOW, Jesus answer in the manner he did because they said those words!
44 No man can come to me, except the Father which hath sent me draw him: and I will raise him up at the last day.
45 It is written in the prophets, And they shall be all taught of God. Every man therefore that hath heard, and hath learned of the Father, cometh unto me.
The reason they were not drawn to Jesus by the Father is because they did not believe the writings of Moses and the prophets which were the testimony of the Father! They exercised human reaoning to arrive at their decision of who Jesus Is. They ignored all the scriptureal evidence and was concerned only with his humanity. His father and his mother they knew. Therefore, he could not be the Messiah.
46 Not that any man hath seen the Father, save he which is of God, he hath seen the Father.
47 Verily, verily, I say unto you, He that believeth on me hath everlasting life.
48 I am that bread of life.
49 Your fathers did eat manna in the wilderness, and are dead.
50 This is the bread which cometh down from heaven, that a man may eat thereof, and not die.
51 I am the living bread which came down from heaven: if any man eat of this bread, he shall live for ever: and
the bread that I will give is my flesh, which I will give for the life of the world.
The only way a man can eat the bread is to come to Jesus. The only way a man will come to Jesus for life is to believe he was sent from God. The only way a man will believe he is sent from God is to believe God's testimony, his word. This is what this passage is teaching. It does not teach that some cannot come. It teaches that some will not come.
53 Then Jesus said unto them, Verily, verily, I say unto you, Except ye eat the flesh of the Son of man, and drink his blood, ye have no life in you.
54 Whoso eateth my flesh, and drinketh my blood, hath eternal life; and I will raise him up at the last day.
55 For my flesh is meat indeed, and my blood is drink indeed.
56 He that eateth my flesh, and drinketh my blood, dwelleth in me, and I in him.
57 As the living Father hath sent me, and I live by the Father: so he that eateth me, even he shall live by me.
58 This is that bread which came down from heaven: not as your fathers did eat manna, and are dead: he that eateth of this bread shall live for ever.
This passage confirms the truths he gave them in Jn 5:
Joh 5:17 But Jesus answered them, My Father worketh hitherto, and I work.
Joh 6:28 Then said they unto him, What shall we do, that we might work the works of God?
Joh 6:30 They said therefore unto him, What sign shewest thou then, that we may see, and believe thee? what dost thou work?
Joh 5:20 For the Father loveth the Son, and sheweth him all things that himself doeth: and he will shew him greater works than these, that ye may marvel. 21 For as the Father raiseth up the dead, and quickeneth them; even so the Son quickeneth whom he will.
Joh 6:40 And this is the will of him that sent me, that every one which seeth the Son, and believeth on him, may have everlasting life: and I will raise him up at the last day.
Joh 5:37 And the Father himself, which hath sent me, hath borne witness of me. Ye have neither heard his voice at any time, nor seen his shape.
38 And ye have not his word abiding in you: for whom he hath sent,
him ye believe not.
39 Search the scriptures; for in them ye think ye have eternal life: and
they are they which testify of me.
40
And ye will not come to me, that ye might have life.
Joh 6:44 No man can come to me, except the Father which hath sent me draw him: and I will raise him up at the last day. 45 It is written in the prophets, And they shall be all taught of God. Every man therefore that hath heard, and hath learned of the Father, cometh unto me.
Jn 5:41 I receive not honour from men.
42 But I know you, that ye have not the love of God in you.
43 I am come in my Fathers name, and ye receive me not: if another shall come in his own name, him ye will receive.
44 How can ye believe, which receive honour one of another, and seek not the honour that cometh from God only?
45 Do not think that I will accuse you to the Father: there is one that accuseth you, even Moses, in whom ye trust.
46 For had ye believed Moses, ye would have believed me: for he wrote of me.
47 But if ye believe not his writings, how shall ye believe my words?
Joh 6:42 And they said, Is not this Jesus, the son of Joseph, whose father and mother we know? how is it then that he saith, I came down from heaven?
I know this is not what you had in mind to discuss but it illustrates that it does not matter what men say about the scriptures, but what the scriptures say. You would never be convinced of anything contrary to your hermeneutic of choice by quoting what Uncle Natush said but it might be shown you have a heart for God if the scriptures were rightly divided and applied contexually and you would allow them to correct you.
Most of these arguments on these forums seem to me to be a vehicle to express the learned scholarship of the poster. It lends itself to much pride and no one really seems to care whether God is glorified and his word exalted and people are edified or not.
The hermeneutic of the reformed is to isolate verses from texts that are necessary to advance their soterilogical views that God saves prechosen people only. This is the reason not many are dispensational. It causes to many conflicts.