Bill;
you mentioned that you saw no problem splitting up the H/v/L/NL , my question is why ?
To me that would mean more work.
First, on the Nu-tone unit I looked at yesterday it said a 20 amp circuit is required. Assume for a moment that is a non-issue,the one I saw was a 1400 w heater, two 60 watt bulbs and a 7 w night-light and about 50VA for the motor, almost 1600 watts total. A 20 amp ccircuit resi can draw 2400 watts as long as it is not a continuous load, this is not considered a continuous load. But if it was 80 % of 2400 is 1920 watts, which neans this unit could run all day, no-problem. Which is why these units require their own breaker.(20 amps)
I guess from what I have read that it is common to run a 3/c and a two conductor, ok now you have 4 switches, the 3/c R,B,W and bare, the 2/c B,W and bare, which switch gets the white wire to return to the load ?
I did go to home depot to find a h/v/l unit they didnt have the 4-switch combos, but still recomomended running two cables. On the switching that would have all legal colors but again another circuit and breaker, or two spaces used in the panel instead of one, unless you are going to tie that into the Bathroom lighting circuit, providing there is a vanity light.