topend said:
. . . Does a single grounding conductor fastened along the exterior of the wall makes sense?
Sorry, no.
300.3(B) Conductors of the Same Circuit. All conductors of the same circuit and, where used, the grounded conductor and all equipment grounding conductors and bonding conductors shall be contained within the same raceway, auxiliary gutter, cable tray, cablebus assembly, trench,
cable, or cord, unless otherwise permitted in accordance with 300.3(B)(1) through (B)(4).
I don't see how you can get around this provision unless you can find a piece of quad with an insulated neutral and a bare messenger (I don't believe a cable like that is manufactured). If you wish to meet the code requirements, I believe you will have to install the feeder in a suitable raceway.