ASME B31.1 permits the use of raised face Class 250 flanges, and these are very common with control valves used in general industrial applications. I've never seen torque specs supplied with valves like this.
3/4" studs or bolts will require 1-1/4" wrenches if 2H nuts are being used. (15/16" wrenches if SAE fasteners are being used - which shouldn't be the case, but often is.) This will typically be a 1/2" drive ratchet with an 1-1/4" socket, and an 1-1/4" combination wrench, for 2H nuts. As long as the nuts are tightened evenly, in a crossing pattern, I can't imagine anyone (including me - and I go over 250 lbs) being able to - or NEEDING to - pull hard enough on these wrenches to crack the CI flanges. The torque wrench must have a very long handle indeed.
And we STILL don't know what the service conditions are. I've seen lots of 250 CI valves, strainers, etc get spec'd and installed on steam systems that OPERATE at 250 PSIG, but the safety valves are set for 300. "Oh, it's always been like that." That seems to make it OK, somehow...