If $\gamma \rightarrow\pi^+ + \pi^-$ is valid process,
then the conservation of total 4-momentum equation
$$\tilde \gamma = \tilde \pi_+ + \tilde \pi_-$$
expresses a lightlike vector as the sum of two future-timelike vectors.
UPDATE:
- To address your last question
in any reference frame, the energy $^0$ seems to be always positive. Why is that so?
- The answer is: Since $m>0$ and $E=\gamma m$ (where, here, $\gamma$ is the time-dilation factor), real massive particles have future-directed timelike 4-momenta.
And as @RedGiant commented, this future-directed property is preserved by transformations in the proper orthochronous Lorentz group.
If instead of 4-momenta, these were displacements in spacetime,
then this would imply that
a sequence of two future-timelike displacements from A to B to C
would equal a lightlike displacement A to C. But that can't happen!
(The sum of two future timelike-vectors is a future-timelike vector.)
As a calculation, using your $(-,+,+,+)$ signature, I get
$$\begin{align}
0
&=\tilde \gamma\cdot \tilde \gamma \\
&= \tilde \pi_+ \cdot \tilde \pi_+ + \tilde \pi_- \cdot \tilde \pi_- + 2\tilde \pi_+ \cdot \tilde \pi_- \\
&= (-m_{\pi}^2)\ +\ (-m_{\pi}^2) \ +\ 2\tilde \pi_+ \cdot \tilde \pi_-\\
&= \quad\ \ -2m_{\pi}^2 \quad\ \ + 2\tilde \pi_+ \cdot \tilde \pi_-
\end{align}
$$
So, for the total 4-momenta to be lightlike, we must have
$$ \tilde \pi_+ \cdot \tilde \pi_- = m_{\pi}^2 $$
But this can't happen for a pair of two future-timelike vectors
since, in this $(-,+,+,+)$ signature,
the dot-product of two future-timelike [or two past-timelike] vectors is negative
(just like the dot-product of a timelike vector with itself is negative).
Thus, $ \tilde \pi_+ \cdot \tilde \pi_- = m_{\pi}^2 $ implies that
one of these timelike 4-momenta must be past-timelike
and the other future-timelike
... in fact, $\tilde \pi_+ = -\tilde \pi_-$.
So, $$\tilde\gamma =\quad \tilde \pi_+ + \tilde \pi_-
=\quad (- \tilde \pi_-) + \tilde \pi_-
=\quad \tilde 0$$
In other words, the polygon (here, a triangle) of
4-momenta that describes this process is degenerate, where the photon leg is the zero 4-momentum vector.
So, I conclude that
$\gamma \rightarrow\pi^+ + \pi^-$ is not a valid process.
UPDATE:
- Here is a Desmos visualization: https://www.desmos.com/calculator/fqmryiui20

- Try to get violet point (the tip of the sum of two timelike 4-momenta )
to lie on the light-cone (the black dashed figure, where $E^2=p^2$).
If both timelike 4-momenta are future-timelike, you can't do it.
- If they have opposite time-orientation, then you can do it only when the timelike 4-momenta are negatives of each other (resulting in a zero photon 4-momentum).
- If you allow unequal-mass particles, then their 4-momenta must still have opposite time-orientation. One can get a nonzero photon 4-momentum. The resulting triangle can be re-interpreted as a Doppler effect.