I vote for black iron. I installed 1/2-inch iron air lines about 15 years ago and have never wished for larger. On the other hand, I only use air to blow off chips, coolant for the CNC, bead blast, etc. When I installed things (maybe different now?) my local Home Depot would cut and thread once for each length of pipe without charge. With a little thought plus using 24-inch pre-threaded lengths for the drops I didn't need to bother with nor pay for threading.