"My understanding is that rigid conduit starts life as schedule 40 black iron"
Only the size is the same. Conduit is made from lower grade of metal. Pot metal, old tin cans, fords etc) and is seamed. I have seen a person who tried to make a temporary air filter out conduit and some sanitary napkins. The pipe opened along the seam like a zip lock bag.
IT 's also very hard to bend black iron pipe in 3/4" and 1" size with a hickey. Be very respectiful of someone who can.