A Squared said:
Of course, local jurisdictions may have any manner of amendments to the NEC, but other than that, I think it may be legal under the unammended NEC.
2011 NEC 250.118
Types of Equipment Grounding Conductors. The equipment grounding conductor run with or enclosing the circuit conductors shall be one or more or a combination
of the following:
(1) A copper, aluminum, or copper-clad aluminum conductor. This conductor shall be solid or stranded; insulated, covered, or bare; and in the form of a wire or a busbar of any shape.
(2) Rigid metal conduit.
(3) Intermediate metal conduit.
(4) Electrical Metallic Tubing.
.
.
.
(14)
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But it's entirely possible, likely even, that local AHJ's have more stringent requirements, and a lot of electricians don't like using the conduit, as a break anywhere will break that continuity. Bang into a conduit near a connection with a forklift, and you can pop the joints. Not that I've ever done anything remotely like that almost four decades ago.

If you run only a single equipment grounding conductor for multiple circuits, it has to be sized for the highest ampacity circuit in the raceway.
NEC 250.122 Size of Equipment Grounding Conductors.
© Multiple Circuits. Where a single equipment grounding conductor is run with multiple circuits in the same raceway, cable, or cable tray, it shall be sized for the largest overcurrent device protecting conductors in the raceway, cable, or cable tray. Equipment grounding conductors installed in cable trays shall meet the minimum requirements of 392.10(B)(1)©.