I guess with 1000 different members, you have 1000 different ways to do a job, and nearly a million ways that the text description will be interpreted
I read the suggestion of using a '320/400A' service as 'use a 320/400A meter pan to deal with the oversized for voltage drop conductors being used by this 200A service'.
It seems plausible to me that a 320/400A meter pan would be cheaper than using a 160/200A meter pan plus an external splice box. However this will depend upon what gets sold in large quantity in the OPs region.
My suggestion to the OP would be to very carefully total up both the total loads, and then separately total up the loads that can tolerate large voltage drop and the loads that cannot. I would then consider looking at how loads could be made more tolerant of voltage drop, and also carefully consider any intermittent loads which will cause sudden and obvious voltage drop.
For example, this home will probably have well water. Every time the well pump kicks on, every light in the house will probably dim. A suitable well pump controller (or even a VSD based well pump control, which I believe are available for residential application) could greatly reduce the voltage dip caused by the well pump.
Consider using separate feeders for the VD tolerant and the VD intolerant loads.
-Jon