I've never experienced noise at speaker level in this situation but I suppose it could happen,just not likely.
The code question depends on the inspector.
If he considers the molding to be a "pipe" then it will have to be separate run.
If that's the case,a trip around the wall with a 1/2" router bit through the drywall with a trim router and some 1/2" pvc on wall conduit should make him happy and also isolates the high from the low which is a good thing when it comes to liability.
Every day is a good day.......some are just better than others!
Proud to say that my property is protected by a high speed wireless device!