On this question you will not get a black and white answer because it is one of those areas where you can trade off safety for cost.
It is entirely reasonable to feed a circuit using a single 'hot' circuit conductor and any available bonded metal. This is a common approach used in automobiles (12V circuits), and my understanding is that some World War 2 era wiring in Europe used a single 'hot' conductor and the steel conduit.
If your bonded metal path opens, then you have a severe shock hazard, and in normal operation you have a slight shock hazard because of voltage drop on your bonded metal.
For building wiring, it is clearly _safer_ to separate your bonded metal (egc, conduit, etc) from your grounded current carrying conductor, because open connections won't automatically put dangerous voltage on exposed metal. IMHO this is not 'safe versus unsafe', because the 'combined neutral and ground' installation is safe enough when nothing goes wrong. But the separate ground and neutral is much safer when something does go wrong.
For outside power distribution wiring, you have the additional factor of trying to protect systems from lightning imposed voltages and from downed HV wires. I believe that the combined neutral and grounded conductor provides a safety benefit versus these 'high voltage insults', but if you look at reports on 'stray voltage' it is clear that POCO combined ground and neutral does present problems.
The physics won't give you a definitive answer because this is not an absolute issue. Rather the physics will only tell you the magnitude of the voltages and currents that you may be dealing with in any particular situation.
-Jon