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If you devise some kind of latch system, you can mount each side as solid as you'd like, and then not have to worry about stripping anything out since the only movement should be the latch itself. Either something similar to a simple gate/door latch, or something more complex like a ring around one pipe and a latch on the other, like the way you close a cookie jar.
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Just put Rivnuts in the male sections and use screws. Done. [Flower]
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Tack weld a nut on the inside and use bolts to pass through the outter piece and catch the inside pipe with the nut. You could also tack some flat washers on end to the bolt heads so you don't need tools. Kind of like a wing bolt if you will.