Turns out I was correct, but it's even worse than I thought!
Every five ticks, a fluid pipe will eject half of the liquid contained in it. So the Large Steel Pipe, whose capacity says 9600L/sec, can really only transfer 4800L/sec at most. The pipe remembers which way the fluid came in and won't try to eject it back the other way. However, if there is more than one other way for it to eject the fluid to, it will split the amount-to-eject evenly among them without regard to how much each way can actually accept. So if this Large Steel Pipe is at a T-intersection, it will only eject 2400L/sec in each direction. Now, what if one of those directions is another T-intersection? It will have 2400L in it, eject half of that which is 1200L, and then split that up for 600L in each direction.
...Wow, gregtech pipes are pretty terrible!