I know it's not modelled in DF, but in real life obsidian is a glass, and forms through glass transition, which happens without phase change. In other words obsidian is still a liquid, it just doesn't know it yet. In glass transition there's no "freezing" temperature. Nor there is a "melting" temperature when you heat up a glass piece, it is just becoming less and less solid and more and more runny.
Funny thing about real life glass is that "melting" (complete softening) of it is usually at a higher point than the "freezing" (glass transition when producing glass). Also, the temperature of "melting" depends on manner of previous "freezing", mainly how fast was that "freezing" performed, and the bigger differences are observed when cooling rate is much different than heating rate. Which means it is possible to have item not melt in the magma they are made from. Though they should be more soft and elastic than the rigid obsidian at room temperature, so obsidian pumps should probably stop working efficiently and even jam.
Personally I doubt that glass formation and melting will be modelled accurately in the DF, because it adds nothing to the fun I believe, and is not needed. Similar effects can be achieved by currently used approximation and some in-game cheating (like using a fixed "melting" point, even if there's no such thing in real glasses). But who knows.