Vishal, you are correct. I was unable to duplicate the results I achieved before, but this time I was a little more analytical in my approach, so it is possible that I drew some faulty conclusions before. Here are my findings:
With my iCloud address unchecked on both devices, FaceTime (on the iMac) does not recognize an incoming call nor can I place an outgoing call.
With my iCloud address unchecked on the iPhone, but checked on the iMac, FaceTime on the iMac does not recognize an incoming call nor can I place an outgoing call.
With my iCloud address checked on the iPhone but unchecked on the iMac, FaceTime on the iMac will both recognize incoming calls and place outgoing calls. I believe this must be the condition in which I was successful when I checked this before.
And of course with my iCloud address checked on both devices, FaceTime on the iMac will both recognize incoming calls and place outgoing calls, just as expected.
It appears, then, that it is the iPhone that is controlling functionality, as I was successful in the tests with both conditions (iCloud address checked and unchecked) on the iMac, but only when the iCloud address was checked on the iPhone. As long as the iCloud address is checked on the iPhone, everything works perfectly.
I understand you would like to be able to set this so that only your phone number is available for FaceTime calls, but I'm not sure how the need to have the iCloud address checked is going to complicate your use. Probably my own ignorance of the process. It seems, though, that if you only publish your number, it should be the only point of contact so that it really becomes a non-issue that your iCloud address is a potential point of contact. I do recognize, however, that it is frustrating in the extreme when Apple or any other software developer takes away functionality and forces us into a very narrowly defined pattern of usage.
Best regards.