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Say i run a se cable from the meterbase to the first ocpd, that se cable needs a raceway for PROTECTION.

If you run a SE cable from a meterbase to the first ocpd you really need a disconnect outside. There is NO FUSE between your first ocpd and the transformer! You will need a 4 conductor cable from the first ocpd to your next panel.

This not true if you are using the NEC. The NEC does not specify which wiring methods need a diconnect and which do not. You can use SE cable down the side of the house, into the meter, out of the meter, into the panel with a main breaker in the basement as long as it is immediately upon the cable entering the building and is not subject to physical damage.