gif, If this pipe is as old as you say it is, corrosion or erosion is a distinct possibility. Ultrasonics is one possibility for tessting metal thickness in place, but this doesn't give you the info you need to make a material determination. Your best bet would be to get a sample pipe section from the line, send a portion out for analysis to a good metallurgical lab. Perhaps the lab can also work up which specfic alloying system this is. If not, you'll need to contact the ASTM office and Library in Cleveland Ohio to do a search through their extensive files (at one time they had the alloying structures for all steels produced in the U.S. since the begining). One note, older forged and wrought pipe has better corrosion properties than the current alloying systems now in use (nobody seems to know why). Also check at the "Piping Design Central" web site, you might get some ideas there.
With this sample section you can also then work up the I.D. and O.D. and hence the thickness. With this info you should be able to work up the P/T ratings and allowable stress based on the B31.1 Pressure Piping code.
If you can't get a sample specimen, it's going to be really hard to figure out what you've actually got an its condition.
Good Luck!
saxon