From what I have read the main issue with pipe is how it breaks. Pipe is usually more brittle, so instead of bending like DOM will it will shear off. There is also a matter of the over-all strength:
Pipe 1 1/2 Sch 40 (A-36)-
Weight - 3.631 lbs/ft
Grade A - Tensile strength - 48,000 psi, yield strength - 30,000 psi
Grade B - Tensile strength - 60,000 psi, yield strength - 35,000 psi
DOM 1.500 X .140 wall (1018) -
Weight - 1.769 lb/ft
Tensile strength - 80,000 psi, yield strength - 70,000 psi
I think you should spend the extra 40 dollars and get the DOM. There is a reason why racing organizations make you use DOM instead of pipe.