If it MUST be pipe, bend a back to back either above or below the panel, but be sure to couple it in the middle, especially if the kicks are different. One time, early on in my career, I did a back to back in a building that still had one wall open. It was winter and needless to say a little water got in and froze it up. I was told the non-watertight connection is actually a good thing with an EMT coupling in this case and now I always couple them if running down low.
Ultimately, why struggle going between two fixed points when you can just go above or below?