One situation where high leg delta is used is where you have lots of single phase 120/240 load, with only a small amount of three phase loading. If you have 700A of single phase load and 100A of three phase load, then it makes perfect sense to size the 'high leg' for the three phase loading.
With that said, you would need to meet all of the requirements for properly protecting all of the conductors, follow all of the rules for parallel conductors, etc.
For example, when you use parallel sets of service conductors, each parallel set must have the same characteristics, and each must have the complete phase set. Thus you couldn't have, for example, 2 pipes, one with 3x500kcmil and one with 3x500kcmil + 1x4/0, and then parallel the 500's between the two pipes.
Similarly, I don't think that you could terminate the 4/0s on an 800A breaker.
But I don't see a problem with two pipes, each with 3x500kcmil and 1x4/0, terminating at a 600A two pole breaker and a 200A three pole breaker. Using the 200A to supply your three phase loads and the 600A for the single phase loads.
-Jon