Chem...
The "Piping Handbook" by Nayaar and "Crane Technical Paper #410" both carry recommended velocities for the economic design of piping systems.
As noted above, the tradeoff always is less capital cost (with the use of smaller pipe) versus higher operating costs (pumping costs.)
Saturated steam and superheated steam require more of a detailed evaluation than liquids, especially in cases where the piping goes long distances ( commonly called district heating systems)
Slurry systems are perhaps the most tricky, because the liquids must stay within a certain velocity range to ensure solids movement. A specific study of the proposed slurry is sometimes made by a lab to ensure a proper design.
Good luck
-MJC
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