Even if you considered that a sleeve isn't the NM cable still installed in a damp or wet location?
I'm not so sure. The code allows you to run nm cable from a breaker panel to an outdoor A/C disconnect. The disconnect is obviously in a wet location yet you can terminate the NM cable conductors there. However, you cannot use those same conductors in the whip to the unit. The whip is totally in a wet location and is terminated at both ends.
Now, in the sleeve scenario I originally posted, the sleeve is not terminated on either end, air can enter through each end of the stubbed PVC and, if I remember correctly, we are now permitted to drill small weep holes in the bottoms of LB's to allow any moisture to drain out.
My argument here is not to the letter of the code but to the intent. Obviously the easy way out of this to use UF and be done with it or to properly terminate the PVC on both ends and use the correct wires. But, how many of regularly carry UF or spools of THWN on our trucks?