IMO, using a 4/0 is a waste as a smaller conductor would still give you a reasonable voltage drop plus the transformer will likely have taps to compensate far any drop.
Minor note: You mention Sch 40 PVC. More than likely you would need Sch 80 to meet 300.5(D)
Minor note: You mention Sch 40 PVC. More than likely you would need Sch 80 to meet 300.5(D)