One thing I haven't seen mentioned is the reusability of nuts. Just don't do it.
Nuts are manufactured for the threads to "mold" to the
bolt. Every time a
nut is retorqued it deforms more. This creates a higher probability of failure.
I used to sell fasteners for a manufacture of these bolts. We guaranteed all of our fasteners for ever as long as they were properly torqued and nuts were not reused.
All distributors of fasteners have torque sheets. Ask your supplier for one, it should be free.
As for using impact wrenches, the light duty
electric ones on the market today don't have enough torque to over torque anything better than a grade 5 SAE or 8.8 metric. Air wrenches vary widely by model and manufacturer, as well as how much air is being used. As stated earlier, they are great for removing but not installing.
If you're buying fasteners at the local hardware store, stop. Buy from a manufacturer or supplier that provides warranties. Companies like Kimball-Midwest, Barnes Distribution, Lawson Products and Fastenal. Most will also provide storage and organization at no extra charge.
Kyle