Interesting, but the neutral is common to both the panel and the genny.-Common yes, but a conductor of the subpanel feeder circuit when in genny mode? It doesn't matter. Not in this application, that's why I say go for it (if not using a kirk-key with no new wires). But it can matter, I believe the fine print notes (FPN) of 303.3 (of the hard copy?) refer to the increased impedance, I believe especially in a ferrous metal conduit, due to the (imbalanced?) magnetic fields. For a 30 or 50 amp subpanel with a couple lights as load, the unbalanced neutral current is diddley. It's the same reason you need to run three phases together and not in 3 conduits, same reason that when you run a (single conductor) lightning ground cable through metal conduit you have to bond the conduit to the conductor on both ends. Otherwise, (as I understand) the conduit acts as a "choke" to the magnetic field around the current The neutral for the subpanel is in the same raceway as well. -Wait, we're talking about just having 1 common neutral right? It's only a neutral "for the subpanel" when on utility power.
Think of it as a real funny shape copper wire with white insulation. The wire goes where it goes even if the current is returning to the source (the genny).
How's that?