Skidmore-Wilhelm asserts, or at least implies, that use of their calibrator gives you some assurance that the impact wrench applies torque equivalent to that applied by the manual wrench. The manual wrench is the standard of comparison.
I'm not prepared to assert that the impact wrench and the manual wrench leave the bolt in exactly the same stress state, but the calibrator allows you to establish a correlation.
If the bolt knew the difference, S-W would be out of business.
On the other hand, an impact wrench depends on the dynamics of the joint.
Example: I was getting a flat fixed at a tire shop right before closing, and all the lifts were busy. I started jacking the car with its own cheapo scissor jack, and the tire tech came up with the bright idea of zipping the jack up with his impact wrench. This was a big wrench in good repair, perfectly capable of breaking off a wheel stud. It hammered away like crazy, but it couldn't lift the car as fast as I had been doing it with the jack handle. It could barely lift it at all until the load got serious. We were both surprised.
Mike Halloran
Pembroke Pines, FL, USA