Either I missed some backlash or backlashing does not seem to work with too much programmer-quote-looping.
$ echo \"hello1-`echo hello2-\\`echo hello3-\\`ech
It's a lot easier if you use bash's $(cmd) command substitution syntax, which is much more friendly to being nested:
$(cmd)
$ echo "hello1-$(echo hello2-$(echo hello3-$(echo hello4)))" hello1-hello2-hello3-hello4