This question has been shopped around the last couple of weeks, and I still feel the same.
- I would not do it this way
- The manufacturer of the phase coupler probably never intended for you to do it this way.
- BUT!... there is no violation.
The NEC restriction is only that the gutter space not be filled 40%, so this squares with the NEC just fine.
The manufacturer's written instructions state, "The main breaker must be turned off during installation and the coupler must be installed in a suitable junction box or equivalent enclosure."  The panelboard cabinet is certainly a "suitable junction box or equivalent enclosure".  It also happens to have a panelboard mounted in it, which is of no real consequence.
I say again:  dumb, but legal.  If the manufacturer doesn't like this install (and I already know they don't), they wrote their instructions wrong.  
------------------
This whole business of Square D not wanting anything mounted in their panels is bunk.  The new automatic transfer panel gets 3rd party equipment mounted inside it.  Powerlogic panels get weird stuff mounted inside them.