Thank you, I have fired my friendly info source... a licensed electrician. /forums/images/graemlins/shocked.gif
In the end, I came into the wall cavity using the LR conduit body mated directly to the outside LB, then thru a 45* el and up into the box. The LR was a PITA to pull the 4-wire thru, but it all worked fine.
I cut the wall stud off and made a mini stud header for support, framed out the area and will put in an access panel when drywalling. So, I will still have the panel in the wall but at least it won't open directly to the feeder wire, which was my real safety concern (3 inquisitive kids + screwdrivers = potential disaster).
The Cat5 and one of the shielded 3-pair will terminate in a recessed work box in the adjacent wall cavity, and get puncheds down to terminal blocks. From there, I'll use for alarm, spares and possibly some low voltage wiring.