Alaric
I am having a hard time understanding your explanation of why running multiple drive motor leads in the same conduit will exceed the voltage rating of the cable.
On a 480 volt drive, the DC bus voltage will be about 672 (480 x 1.4). Therefore the level of the PWM pulses will be 672 volts. It does not matter if the motor leads in a conduit are from one drive or multiple drives, they will all see the same peak voltage since they are all coming from a DC source with the same voltage. Also remember these are square wave pulses, so each phase has the same voltage level for the total half cycle. Using your reasoning, each motor lead from a single drive should be run in its own conduit because the peak voltage between the wires is higher than 600 volts.
The 600 volt rating of a wire is the RMS voltage, not the peak voltage. The peak voltage of a 480 volt supply is actually 672 volts. Is it ok to use 600 volt wire on a 480 volt line when the peak voltage is actually 672 volts? In Canada, 600 volt line voltages are very common. The peak voltage of a 600 volt supply is 840 volts but it is standard practice to use 600 volt rated wire for these applications including drive motor leads.