I think the 2008 code is clear that you cannot do that. There was no change in the following part of 240.21 between the 2008 and 2011 codes.
The 350's are installed without overcurrent protection at their source so you can't "tap" off of them to feed the two panels.
240.21 Location in Circuit. Overcurrent protection shall be provided in each ungrounded circuit conductor and shall be located at the point where the conductors receive their supply except as specified in 240.21(A) through (H). Conductors supplied under the provisions of 240.21(A) through (H) shall not supply another conductor except through an overcurrent protective device meeting the requirements of 240.4.
The code only applies to T&M work....it does not apply to contract work.