If you run 3 overhead service conductors (500MCM,500MCM,250MCM) going to a 320/400 amp meterbase feedthru and then out to 2-200 amp 40 space panels with 2 sets of 4/0 SEU with a calculated load of 267 amps what would you call this service if an inspector asked you ?
A. 320 amp
B. 350 amp
C. 400 amp
D. Other
D. Other: A violation of 230.90(A)
You have two 200 amp mains that exceed the rating of the aluminum 500KCMIL conductors which only have an ampacity of 310 amps, table 310.15(B)(6) (2008 and earlier or 310.15(B)(7) 2011 and later) would have let you use 400KCMIL copper or 600KCMIL aluminum for a dwelling 400 amp service but the 500KCMIL aluminum conductors are two small.
Are these utility supplied or owner supplied conductors? if utility supplied/installed then they follow the NESC requirements and not the NEC, it will depend upon the service point as to where you have to start following the the NEC.
In most cases this is at the weather head for over head service drop or the meter base for underground laterals.
In your post you said "If you run 3 overhead service conductors" which I took as meaning that you installed them but more info is needed for that to be determined.
If the overhead conductors are utility owned and the de-mark is at the weather head then just change the conductors in the riser pipe to 600KCMIL and you would be good to go.
Another issue is the requirement to group disconnects, since you are splitting the service into two 200 amp panels these must be grouped or a set of disconnects must be mounted next to each other by the meter (230.72) I have seen some who thought they could locate one panel in the garage and one in the basement but 230.72 would prevent this without additional disconnects
If these panels are use for two different buildings, then you can use 230.40 exception 3 to put double lugs in the bottom of the meter and run into the ground to the other building and into the other panel and treat it like a service which you would just follow the rules for a service without a meter at that location.