I use an reading app called cool reader which allows me to read directly from either the internal SD or external SD Cards without importing the epubs into the app itself.
I didn't want to import a lot of books only to have to delete them after reading, also I didn't want an endless bookshelf/case inside my Kobo library. Like you I wanted to read side loaded epubs directly from the external SD card.
This might be the way you would want to go as well. I find the app very nice to read with/on.
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