Hi Harry,
The make-up torque for API drilling connections is dependant on yield. Pretty sure that XT-38 would usually be S135 material, so 4130 75ksi material is half the strength. Depending on your box geometry you could fail the connection by box flaring or shoulder over-pressure if you...
I believe this is a very simplified hertzian contact calculation. The 23.7 constant isn't just a constant, it is the product the safety factor of a couple of other things which have units and shouldn't vary as long as you are doing the calculation for steel, and you can give it units of MPa^1/2...