Although I thoroughly agree with the sentiments of "check it out and see", I also know that in the case of MCC retrofits there is often a "go live" situation wherein the process must be off line for as little time as possible because of lost production revenue. If that is the case, I would not bother trying to use the existing underground duct, especially if it was galvanized. I agree with rbulsara's comment on the >40 year life span. My experience is that if there was some minor physical damage to the galvanizing at the original installation, it may have rusted through even if in concrete. So even if you do manage to pull the original cable out intact and feed a pull rope through with it, you will not know if there is a jagged edge from rusted conduit left behind until you pull the new cable, energize it and have it short to ground on you. Although the camera idea is great, you may not be able to afford the time; not just the delay from pulling the cables while scoping the duct, but in not having already run the overhead option and having it ready to connect.
This comment comes from my personal experience, gained at considerable expense.