The capacity will be based on the coefficient of friction multiplied by the total clamping force, which is 2x the tension in both legs of u-bolt, or 4x the tension in each leg. The bracket is pressed against the pipe also, with equal force as the u-bolt is pressed against the pipe, each are equal to the total tension in both legs of the u-bolt. Edit: This ignores additional force of the legs of the bolt pushing on the pipe from the side, making this a conservative capacity calculation.
As long as the surfaces are clean when it is assembled, you should be able to use the coefficient of friction for the faying surfaces of slip-critical bolted connections. The AASHTO bridge design spec. has a design value of 0.3 for hot-dipped galvanized surfaces.
Determining the tension in the u-bolts based on the torque can be rather tricky, however. Friction on the threads is difficult to quantify and will significantly affect how much of the applied torque translates into tension on the bolt. In this situation, it's probably best to use a turn-of-the-nut method. This utilizes the lengthening of the bolt to determine the stress in the bolt. Stress = strain x E. In this case, the stress will be equal to the lengthening of the bolt divided by the bolt length, multiplied by 29,000 ksi. The lengthening of the bolt is equal to the number of total turns on the 2 nuts past snug tight, multiplied by the thread pitch. Be aware, the max strain before yielding is around .0027. The tension in each leg is then the stress multiplied by the cross-sectional area. If the bolts are tightened past yielding (which is generally acceptable), then tension equals the yield stress multiplied by the area.
Of course, if the pipe wall is thin enough and the u-bolts strong enough that the u-bolts deform the pipe, then the capacity goes up dramatically.
Edit no. 2: If the shear capacity of the bond between the galvanizing and the steel is exceeded, the effect will be noticeable, but minor slippage.