I've not seen many that have successfully bred them. Nor do I see many vendors out there selling them. I assume rearing them would be very similar to raising Seahorses, however, I'm not quite sure what their average survival rates are.
Captive reared banded pipefish... they do exist. Ocean Rider is pretty rad... worth a cruise around their site. No I am not affiliated... but am going to acquire a few of their seahorses in the hopefully not too distant future.
In a search, I found what looked like pipefish breeding in Australia. I've got a local reefer friend that purchased a pair of Dragon face pipes and the male is pregnant. Being the glutton for punishment I am, I told her I'd love to try to raise them if she can catch the babies. I'd try the same I'm trying with the seahorses, I guess. I'd probably go with the kreisel for them. Using a 10 gallon for the current brood of erectus.
I have recently been successful breeding Doryrhamphus excisus (Bluestripe pipefish). The Coral magazine article inspired me to try them! My oldest are just barely more than 2 months old now. My pair hatches a new batch every four days. I get an average of around 10-15 fry surviving out of each batch.
Thanks! I actually just saw them taking frozen BBS tonight for the first time! I'm excited at the prospect of finally getting them weaned onto frozen foods. I'll keep you all posted.
EDIT: By the way, I'm using Chad Vossen's Larval Snagger to catch the fry at each hatch. The parents are in my 210 display, and the snagger works like a charm to collect the fry. Chad's snagger rocks!