Okay, it's tomorrow, but Ghost Rider was great!
Yes, it is okay to use a smaller conductor on the high-leg, as long as it is protected at its ampacity. We're doing a new service in an older gutted brick building, being made into two apartments updtairs and a retail space down.
The upstairs service is a typical 2-meter base, fed from A and C phases and the neutral only, with a pair of 200a disco's feeding 4/0 al SER to the two 200a main-lug panels.
The downstairs service is a 200a 3-ph, high-leg open Delta, with a single 200a 3-ph meter. I used two 3/0 cu conductors for A and C phases, a 4 cu for the B phase, and a 1/0 cu for the neutral.
I used #4 for the high-leg for a combination of reasons: first, that is the POCO's minimum conductor size in a 200a meter base, and in case another 3-ph load is ever added to the smaller panel.
I'm using the 6-max-disco allowance as the service disconnecting means, with a 125a 3-ph main-lug panel with a single 3-pole 30a breaker for an existing A/C unit, and a 200a 1-ph main-breaker load-center for the rest of the service.
I tapped A and C phases in a J-box below the meter, and used two separate conduits to feed the two panels. The B phase runs unbroken from the meter lug, through the box, to the smaller panel.
I used a bare #4 cu from a meter neutral lug, through the J-box, where it passes through a lug to bond the box, and on to the smaller panel, which has no line-to-neutral loads, as its neutral-bonding conductor.
The 1/0 cu neutral passes through the J-box unbroken into the larger panel. I could have used a smaller neutral conductor according to the neutral load calc, but since the only electrode is a pair of rods, I went bigger.