I get what you are saying, and agree from a theoretical standpoint. I don't know exactly what the OP is trying to do but, I would say in practice the answer depends on what exactly you are trying to do. We all know VD is not a code requirement 99.9% of the time, so there aren't really any hard-and-fast rules, one can do whatever they want or their judgment tells them. The choice of current a person uses in the calculations is usually a WAG anyway (I use 65 amps for most dwelling services). Most of the time VD is an art rather than a science, balancing cost, likelihood and frequency of a given voltage deviation, and power quality.
If you are dealing with something like a definite fixed load or a PV system, then yeah it's a science, and the science will tell you you're going to want to take into account that long utility service drop to keep your inverters from shutting down. Us PV people run into it all the time.