The final safety factor for the valve shell(body & bonnet), in regards to internal pressure, is in the hands of the valve designer. For steel valves, ASME B16.34 and API 600 or API 602 (and others) stipulate minimum wall thickness requirements based on valve size and pressure Class. These minimum requirements assure a margin of safety based on many years of usage and experience. I personally have not investigated the safety factor used to establish the min. wall requirements listed in the standards. API 600 assures a greater margin of safety than ASME B16.34 as API 600 minimum wall thicknesses are somewhere between 35% and 50% greater. The additional wall stated in API 600 was added for a corrosion allowance as this specification is for valves in refinery and chemical plant applications, the added wall was not intended for an additional margin of safety but it does inherently add a margin of safety.
Regarding your reference to ASME B16.5 and MSS-SP-72 and your comment of 50% safety factor, I'm not sure I understand where you got this number. Neither of theses standards address or discuss margins of safety.
Perhaps you are refering to the requirement of valves being shell pressure tested at 1.5 times the rated cold working pressure. Please note that these are required production tests to verify leak tightness and are not for the purpose of determinng a margin of safety.