Well, I hate to be called an old timer, but I was once formally trained in proper slugging wrench techniques. Beat up many of them. By the way you quickly learned not to miss with the hammer.
The determining factor was the stretch called for in order to obtain the clamping forces desired. Some quick math using the thread pitch of the bolt or stud determined how much rotation of the nut or bolt head was required after it was 'snugged' up. Now, that was subjective, what exactly was 'snugged up'?
Then a mark was made on the stationary part, the flats were counted and a mark made at the appropriate place on the rotating part. Then the wrench was slugged until the mark on the flat lined up with the mark made on the stationary part, where upon the required 'stretch' had been obtained.
Anyone who had done that a few times rarely required actually marking the flats unless the required stretch was critical. I don't think there was a 'rule of thumb' as much as there was just the experience of having done it. When swinging a 10 lb sledge, one didn't want to be too generous with extra 'strokes.'
I sure do love bolt heaters and torquing tools. We've come a long way baby.
rmw