404.8 allows this. The equipment in the OP does not fit this.
They way some are seeing this, it would seem that you could put a panelboard 20 feet up as long as it has work space. I don't think so.
The problem is the wording of 240.24(F) (over the steps of a stairway), and no where does 110.26 state anything about the level of the floor or whether a floor or platform may or may not have a step within the work space area, 110.26(A)(3) clearly states platform on the wording on the hight of the working space, but no where in 110.26(A)(1) does it mention that the depth of the platform must be also sized for the working space.
As you pointed out in the allowance of 404.8 and is also in 240.24(A) 1-4 allowances or exceptions that the code doesn't consider a smaller platform dangerous because if they did why would they allow the above exceptions to accessibility to overcurrent devices to be done by portable means, 110.24(A) is the rule that requires the OCPD to be readily Accessible and allows 1-4 as an exception to this rule by permitting portable means such as a ladder, you would have just as much danger if not more using one of these exceptions as you have in the OP.
The addition of 240.24(F) in 2008 added a little concern to your footing while working on a panel but still didn't address how big the area needs to be for a safe platform to work from, the above proposals and ROP's seem to contradict themselves as we saw, I'm not sure how or if the wording was changed any for the 2014 maybe someone could post what the 2014 says, but it seems that the NEC is more concerned about the working space in front of the panel but not how big an area you have to stand on.
The CMP statements made that George posted in post 6 only seem to be concerned about ample working space but still did not address how big the landing or a platform needed to be, as long as the required working space was there, the concern was about having to standing parallel to the wall (where the panel would most likely be installed over the steps/risers which would me you would have to have your feet on two different hight steps and you would not be stable standing like this, a platform even only 20"deep would still give you a level place to stand, if you stepped back off the platform you would be stepping away from the panel and most likely not be in a position to make contact with the live parts even if you fell back (the most likely direction) it would have railings on the two sides,
so you really couldn't fall off the sides which would be the closest place you could fall and still maybe try to grab the panel to catch yourself, if you made the mistake of stepping back too far you would most likely fall back down the steps which you would not be in a position to grab the panel which would be the only shock hazard 110.26 would be concerned about.
So as written I do not see anything in the NEC that an inspector could use to site a code violation to turn down such an installation, as a mater of fact we have a few basements around here that have a step down by all the outside walls around the basement, I think because of the way the footer was done, so if the common thought was true then we could not install a panel in such basement and as Rcarroll pointed out in post 41, most houses will have the grade slope away from the house to keep water from getting in the basement, here it is actually a code to do so for this reason, if a space the size of the working space was required to be level this would be a problem for any house that has an outside disconnect.