My opinion would be you would not need to increase the size of the EGC in that case since the #4 is the required conductor by 110.14 under certain conditions
Here's an old thread where a similar installation was discussed with some detail:
http://forums.mikeholt.com/showthread.php?t=108690
If, on the inspection, you found that the terminations were rated up to 75 degrees would it then be an issue with 250.122?
Pete
I think they could get rid of the problem completely with a new Table 250.122 that based the size of the EGC on the size of the ungrounded conductors...just like is done in T 250.66.This is one of the more poorly written code sections. IMO it's almost impossible to draft this section so that every particular scenario can be accounted for. For me a simple solution would be to say that 250.122(B) does not apply when the raceway is a listed EGC. That would pretty much eliminate many of the problems associated with up-sizing the EGC.
I think they could get rid of the problem completely with a new Table 250.122 that based the size of the EGC on the size of the ungrounded conductors...just like is done in T 250.66.