I would be suspicious of the rack holding that amount of weight in the long run. If it fails, it will fail violently and within a millisecond! If you are bent over in front of it or a little kid is standing in front of it, it could be fatal. At the least to reduce metal fatigue if you would put a vertical 2x4 with bolts going horizontally through it to line up inside the pipes showing, that will eliminate a lot of fatigue as be a removable side to access wood. Peace of mind and safety are worth it. Maybe two at minimum uprights with bolts.
God and family, the rest is icing on the cake.
I'm so far behind, I think I'm in first place.
Premier Bovine Scatologist
Host of the 2015 FAMILY WOODWORKING GATHERING