The best way to measure the torque applied to a screw is with an inline rotary torque transducer, such as this one:
However, this type of product is more for research work.
For daily measurement, it is best to use a power tool with an integral torque transducer, such as those provided by power tool suppliers like Bosch, Aimco, and Atlas Copco.
Power tool rotation speed influences applied torque only because of variation in the shutoff mechanism (stall, clutch, electric shutoff).
Your units are incorrect - lb/in
2 is a stress, while lb[·]in is a torque.
I would contact one of the power tool suppliers and have them provide you with a product to meet your needs. This is standard equipment that won't require anything new.
Regards,
Cory
Please see FAQ731-376 for tips on how to make the best use of Eng-Tips Fora.