Hello,
It is important that you not confuse stress intensification factors with flexibility factors. Loading a model with unit loads and developing a ratio of deflection (strain) to unit load will provide insight to flexibility but will not give you B31 SIF's.
I think the way you are describing will not calculate the "equivelent stress". Its not that easy.
I suggest the WRC (Welding Research Council) Bulletin 392 "Developing Stress Intensification Factors: I - Standardized Method For Developing Stress Intensification Factors For Piping Components", 10/30/2003, E.C. Rodabaugh ; G.E. Woods.
Look here:
http://www.forengineers.org/ And search for WRC Bulletins and use the "392" number for your search argument.
Also, do not confuse stress concentration factors with stress intensification factors. And remember that the B31.1/B31.3 SIF will be about one half of the ASME Section III (NB, NC type) stress indices. The B31 SIF's came from testing one company's, NPS 4, schedule 40, carbon steel fittings (and some fabricated branch connections) and they assumed that an appropriate SIF for a girth butt weld was 1.0 (?)!!
The testing placed three test samples in the fixture (one subjected to in-plane bending, one subjected to out-of-plane bending, and a straight piece of pipe with a girth butt weld in it) and it cycled them together until they failed (one at a time in fatigue). The SIF was just a ratio of the cycles to failure of the fitting to the cycles to failure of the piece with the girth butt weld.
In recent years Glynn Woods and E.C. Rodabaugh have been doing more testing and they are suggesting some chnges to the Code. Seems that the quality of the weldment is very important. Also, look into the "Schneider Effect" - the branch to run ratio has a lot to do with the cycles to failure.
Well, the good news is that the B31 Codes tell you to use better SIF data if you have it. Just make sure that you have SIF data per the WRC 392 method.
Regards, John.