Success! Fully an hour and a half of Apple Support later and we have my particular issue resolved. Here's the rundown:
As I stated earlier in this thread, all of the specified parameters were exactly as they should have been -- iOS 8.1, OS 10.10, both devices logged in on the same Apple ID, connected to the same WiFi network, "iPhone Cellular Calls" option marked on both phone and iMac, etc. Yet I got the same error message as the OP, indicating that both devices were not logged in on the same Apple ID.
My own troubleshooting led me to try logging out of my Apple ID on all devices and logging in on my wife's. I was successful in activating the iPhone Cellular Calls function on my iMac using her Apple ID. Encouraged by that, I logged out of her Apple ID and logged back in on mine, hoping that the issue had been resolved. It hadn't. Then after a bit more back and forth, logging out of FaceTime and back in, hoping to reset things by this, the option to activate iPhone Cellular Calls on my iMac completely disappeared. That's where things stood at the outset of today's support session.
After going through the algorithms to ensure that all of the above criteria were met, the OS X support tech handed me over to an iOS support tech who pretty quickly resolved the issue. We created a temporary user on the iMac and simply opened FaceTime and FaceTime Preferences under that user. The iPhone Cellular Calls option was available in FaceTime Preferences, just as it had been before under my user name, and in fact, was already checked. Satisfied with this, we logged off the temporary user and back in to my user. Voila! The option had returned and was already checked. Testing confirmed that I am now able both to initiate and receive iPhone calls from the iMac, just as promised in all the iOS 8/OSX Yosemite brag pages.
According to the iOS support tech, opening the temporary user allowed the iMac to reset the "preferences" file to the defaults, then my own user profile picked up those defaults again. Whatever the technical justifications, this worked for me, and maybe will for someone else as well. The last thing was to delete the now unnecessary temporary user and restart the iMac. Thankfully, everything still functions just as it should.
@Vishal I was able to set my FaceTime preferences to only my cell number and complete a call from my wife's phone to my iMac. Don't know if this is a regional difference, or some issue with your particular configuration, but just wanted you to know that for me, at least, it is possible to do what I understood you to say you wanted to do.
Regards!