We have a 200a service on a milk container company(DIY job)that use 2" pipe with the same setup. I look at it and wonder how the even got the wires in it. Probably pussed them in as the went along.
UF is considered its own raceway, isn't it? AFAIK, there's no restriction in what you can do to cover a raceway, so long as the pull boxes, etc, are exposed. Wouldn't this be acceptable, if perhaps not the easiest way to get it done?