This discussion really belongs in forum292.
In the 2003 ed of B16.5 its Table 6, Reducing Threaded and Slip-On Flanges for Classes 150 Through 2500. This shows a nice cartoon of a flange with a slip on type reducing connection. A slip on type connection would have a larger hole in the flange and two fillet welds as compared to a full pen welded set on attachment. I really doubt any engineer could argue that the slip on approach provides a more robust connection than a full pen set on attachment. It would be nice, though, if B16.5 was a bit more clear on the subject.
jt