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a) Is this a code violation (if yes, why?)

Don't know

b) What is the life expectancy of black pipe?

Less th an galvanized. Depends on the composition of your water.

c) What is the life expectancy of galvanized pipe?

Can last a very long time, bu t depnds on the water.

d) Are there any other factors?

Black pipe will rust so you'll see plenty of signs of this before you get
leaks.

I'd go with copper or plastic.