@xl83nl: That's fine if you are calculating a the required wall thickness for a new installation. However, manufacturing tolerance wouldn't come into play for UT testing of an existing line to determine if it has corroded to the point of needing replacement.
@ohman10: I don't think there are any ASTM/ANSI/ASME specs that dictate a replacement thickness (beside the thickness required for pressure, which, as you noted from the beginning, is extremely light).
For small bore lines like you have (which I would consider anything under 2", for certain), the wall required for pressure is often a non-issue. As BigInch noted above, structural integrity will generally limit the minimum wall thickness. You don't want some operator walking down the line, tripping and tearing a hole in the process because he grabbed a pressure gauge to steady himself and the 1/2" pipe that connects it to the header rips off due to a .002" wall thickness.
In most specs I run across in refinery service, particularly for cheap carbon steel, using a wall lighter than Schedule 80 is rare and Schedule 160 is not uncommon.
Now, regarding your original question about where the replacement wall thickness came from - likely some experienced guys 50 years ago figured out that when your 1/2" line corrodes to a specific thickness it is in much greater danger of failure due to accident and therefore should be replaced at the next turnaround. Odds are good that the guys are long since retired, or probably got laid off in the 80's and the company never bothered to save the knowledge that went into developing the spec you are now trying to live with.
Edward L. Klein
Pipe Stress Engineer
Houston, Texas
"All the world is a Spring"
All opinions expressed here are my own and not my company's.