The acoustical argument to justify lined ducts is only used by engineers and others who don't know how to design acoustically. Put them inside and you don't need to insulate them much, especially if you control the interior humidity. Of course you need to know how to do that. I'll let you in on a little secret. You can't do it when you mix ventilation with sensible cooling.
Engineers love to complicate things.
Lets get this one really neat system to do everything. Get out of town. Can't do it anymore with one integrated system. You need two systems. One to handle the ventilation and its associated preconditioning requirements.