Just happen to have the same issue.
In my understanding the normal power has to come from a separate service or a tap located ahead of and not within the same cabinet, enclosure, or vertical switchboard section as the service disconnecting means.--695.3(A)(1).
The generator power shall be of sufficient capacity to allow normal starting and running of the motors driving the fire pump while supplying all other simultaneous loads.--695.3(B)(1)
Also-- A tap ahead of the on-site generator disconnecting means shall not be required.-- 695.3(B)(1)
So--One--Yes. Two--No.
As far as the transfer switch in the electrical room 695.6(A) Exception allows the conductors to be in there without being fire rated. What can't happen is running the conductors overhead through the building unless encased in concrete or be a listed electrical circuit protective system, which means you can use rated conductors in rigid. Someone does make such a thing and when the contractor forgets to bury his conduit, it becomes the only option in many cases.
Now, 695.6(B) list number 2 and it's exception are directly contradictory, so your guess is as good as mine in that situation.
