Good morning Mike,
I do agree with your approach for most materials, but glass is different. It's ultimate failure capacity doesn't have a direct proportional linear relationship to load. So using a using a 4 as a LF just isn't right. Glass fails as a result of small defects that can only be addressed in terms of the probability for their size and distribution. Glass is then designed based upon the "probability of breakage"(Pb). Normal glass design assumes a Pb=0.008 and for glass handrails the Pb=0.002. ASTM E1300 Appendix X3 provides procedures to calculate Pb for a given load and configuration. Appendix X8 provides procedures for calculating an "allowable stress" for a given Pb and glass configuration. Results of these will show that to gain an added FS you may only need to reduce the stress level by a smaller amount than you would find by using the 4 as a LF.
Regards,
Michel