2/0 is all you need for the ECG if your using 350's on a 100A breaker.
Actually, I believe that if you upsize to _two_ parallel 350's, then you need a smidge larger than 4/0 for the EGC.
#1 Al has a 75C ampacity of 100A, and a cross section of 83.7 kcmil. For a 100A circuit, #6Al is the normally required EGC.
#6 has a cross section of 26.3kcmil.
If you replace the #1Al with 2 parallel 350kcmil conductors, then you are multiplying your conductor area by 700/83.7 so you need an EGC of 220kcmil cross section.
If two parallel EGCs count for this, then parallel 2/0s are fine. But if _each_ EGC needs the full cross section (as is required in parallel conduit runs) then you need larger than 4/0.
Note: If you can push for 240/480 service, then you can run the motor (or VFD and motor) direct off 480V, and only have a small step down transformer for the 120/240V loads. Same trick if you do the step up/step down thing. No reason to step down to run a motor.
-Jon