Mike,
I got a 1/2" impact wrench that has 4 settings - 100, 200, 300, 400 ft/lbs. It's either a CH or Igersol Rand. It cost me about $54 at Home Depot. I used it this past weekend to reconfigure my disc harrows and it worked great. FYI, I tried it on the most of settings and it was interesting to find out how each setting worked. As you can imagine, the lower the setting the "harder" the tool has to work. I found that the 3rd and 4th setting worked the best to tighten the fastener down.
Probably the best way to look at it is to buy the tool to suit your needs. I looked at the spread of torque ranges that I would need for my tractor and looked for the wrench to match those needs. It took a couple of visits to the stores to find the tool to fit my parameters.
Hope this helps.
Terry