This is a problem near and dear to my heart. You are correct in surmizing thread inclination as an issue, but for pipeline threads, there are other concerns.
This does not mean the problem is insurmountable. With good success, I have been applying Unified National specifications to NPTs, noting the tooth profiles are virtually identical, i.e. 60 degree vee type threads. The central problem is to "rectify" the threading inclination to an "equivalent UN profile", bastardized threads are allowed for computational purposes.
In your case, 1/4 NPT with an 18 TPI is virtually midway between 1/2 - 18 UNS-2G and 9/16 - 18 UNF-2G threading profiles. What I suggest is that a thread mid range between pin specifications behaves "somewhat like" that of a 1/4 NPT when loaded in shear.
Therefore it stands to reason that the 1/4 MNPT with major, pitch and minor maximum diameters of 0.536, 0.492, 0.447 inches respectively has the same shear area as a 17/32 UN thread, 18 TPI with thread classification tolerance near that of a coarse profile. I utilize a thread program, computations have been standardized or looked up in the Machinist Handbook, and obtain an equivalent major, pitch and minor pin diameter of 0.530, 0.494, 0.465 inches. What I am suggesting is that the 1/4 MNPT thread behaves like 17/32 - 18 UNC-2G.
Apply the threading computations for Unified National, ANSI B1.1-1982, noting that any thread pin with shear prior to the box (i.e. shear area of the screw is LESS than that of the nut) for maximum internal minor diameter of 0.484 inches, minimum external pitch diameter of 0.490 inches and find the screw shear area is 0.854 in^2 per unit length thread engagement.
When a NPT thread seals, although all threads are engaged between pin and box, typically only a few threads act to seal the joint. In the literature, computations use only one single thread. Therefore the effective length is around 0.047 inches, resulting in a screw shear area of 0.041 in^2. Naturally this is purely ficticous, when the threaded joint fails in shear we would expect all threads along the effective length of engagement to let go similtaneously. For the purpose of calculation, we recognize the single thread shear area method.
Hence, applying normal fracture mechanics, the pressure required to load a MNPT joint to failure is simply the product of pin shear area, material yield in shear divided by area of the thread seal, 0.492 inches in our case. The resulting mathematics suggests a pressure of 4700 psi assuming your material is Atlas T316 Stainless Steel. (TY = 22 ksi, Average Shear Theory)
Consulting industry specifications such as Swagelok, Parker-Hannifin, etc typical joint operating pressures are 4500 psi typical, never to exceed 5000 psi as a rule of thumb. Apparently our computation bears this out.
I hope this helps you out. My gut feeling with stainless fittings is to stay below 3000 psi.
Kenneth J Hueston, PEng
Principal
Sturni-Hueston Engineering Inc
Edmonton, Alberta Canada