We've gone through an exercise at work (We make seriously expensive stuff and 99.99% safety record would leave craters all over the country).
Bolts can be accurately torqued by "running them down to touch, plus 1/4 turn" or something in order to arrive at a predetermined torque. This was brought to us by a supplier and we had arguments for months over it. We lost and the supplier is right. Warning:
that 1/4 turn works for a specifc torque value and is obviously not universal. More in a minute...
It's certainly a lot more accurate than anyone's reasonably priced chinese, non calibrated torque wrench.
I'm at home and just did a quick google search and came up empty, but I'll look for the documentation at work that gives a really good idea of what to do in order to arrive at a predetermined torque value.
The concept put forth of marking all your bolt assemblies with paint is friggin genius, and would work as long as you are putting the same components back together
. If you replace one of the components and the thickness is different then it would have an effect. It would still beat the heck out of just cranking it pret'near and hoping for the best.