There is a way to determine optimum economic diameter. The fundementals are that larger pipe is more expensive to install, but you also cannnot go too small or you risk excessive head losses from friction, so you must balance both.
Here is an excellent book William S. Jenna "Design of Fluid Thermal Systems 2nd Ed." It also has a table of fluids listing the Economic Velocity Range, for some common fluids. I highly recommend this book, I have had it since 2002 and it constantly impresses.
Anyhow for water it lists a range from 4.4 ft/s to 8.8 ft/s. Personally depending on the actual size used I don't see a problem going down to around 3.5 fps, but would avoid any lower.
P.S. be sure that the size you specify isn't a odd ball size, (like 5", or 1.75"). Pipe and fittings can be found, but is a pain in the butt for Contractors to find and they will curse your name.