Apparently the crux of the matter is if the Class 2 wires were installed via Class 1 wiring methods, then the conductors can all share the same conduit, boxes, etc. Panel wiring methods come into play also.
The distinction that would apply under Class 1 wiring methods would be the need for 16 or 18 AWG wire and 600 volt insulation.
Therefore I would deduce that 24 AWG CM rated wire with 300 volt insulation would be a "no fly" and the wiring would not meet NEC requirements.
