I assume we are all thinking about the sleeve being PVC. As Nick says, it will be tough to put city hubs on the rods for a RMC/IMC (you better be a good measurer/rod driver) and EMT is a waste of time underground. It would be red dust in a year or two.
I guess the question is whether a #4 solid running exposed along the surface of the stucco is more vulnerable than being 6" below grade against the building.
Don't forget to factor in theft

If the second rod was 6' away from the house, not next to it, I would be a lot more worried about the GEC getting damaged.
I was also serious about digging a trench below the footing next to the house. Isn't that going to compromise the compaction?