The reason that these installations are prohibited is because you are accidentally creating a transformer, where the conduits are both the magnetic core (ferrous) and a shorted secondary. When you have such an installation you can have many amps flowing on the conduit, heating it up and letting the magic smoke out.
In the installation you describe (with 1 neutral per phase), you can have a separate problem: induced circulating current or current imbalance on the neutral conductors.
Since these are 30 years old without a problem, you have evidence that features of the installation have prevented problems.
The open bottom of the cabinet breaks the 'shorted secondary' created by the conduit, so you won't have circulating current in the conduit.
It may be that the conduit runs are actually PVC, with RGS stub-ups. This greatly reduces any problems.
Finally the previous use may have been very well balanced, so that there wasn't much load on the neutral.
I'd suggest 1) informing the customer that you've identified an issue, 2) measuring the current on each individual neutral conductor when the service is under load to see if there is an overload issue on the neutrals, and 3) measuring conduit for continuity when the service is not energized.
-Jonathan