I have a beam type torque wrench that reads in inch pounds. Spec on my cf seat post binder on a cf frame is 5Nm. Am I calculating correctly that to be about 40 inch pounds?

1 Nm is equal to 8.850 inch pounds, so 5Nm is 44.253 inch pounds

Yes, I think my conversion chart shows 40 inch pounds to be slightly less than 5 nm.
A handy conversion chart was included with my 1/4 inch beam torque wrench when new.

Google sez : 1 inch pound force= 0.112984829 newtons meter
Inch-Pounds to Newton Meters Conversion Calculator

I don't like fooling with conversions, so I just bought a nashbar torque wrench, it works fine for me and what I do with the bikes.

Hmm. Hard for me not to be sarcastic. I typed your subject heading into the internet, and surprise! Torque Converter : Torque Measurement Conversion Calculator

That's about right...

Is that with or without lube....

I'm a bit surprised that the search didn't come up with "a part of an automatic automobile transmission".

lol !

Beam torque wrenches are very sensitive to how you position your grip of them. I will not use one at all. Be careful.
Cheers,
David in Alaska

The search terms were the original title of the thread "converting torque measurements", not "Torque converter: ...."