Ok, first let me start by letting you all know that the TQ wrenches I deal with are used in aircraft maintenance. Which means I deal with real tight tolerances (no pun intended), like as high as +-2% and lowest +-6%. I calibrate with a CDI2000, a machine that none of us would want to afford let alone the cost to keep it calibrated.
This may explain why I might sound a little anul retentive about this subject. I deal with all types of torque wrenches from the Deflecting Beam (best buy for the money) to the new Electronic Indicating style (keep your money for parts for the bike).
Raul, Usually the less expensive wrenches are as good as the more expensive ones in the begining, but they wear out faster due to the lesser quality, both in parts and manufacturing, the key here being usage. Which in the torque calibration world equates to shorter calibration spans. So the better the wrench the longer the time between calibrations. There are wrenches out there with 3 month cal cycles and wrenches with 48 month cal cycles that I deal with. But, I can tell you that I have a Proto out in the barn in my tool box that is over 20 years old and I check it about every 18 months at work just because I can and it has never been worse than +-8%. I can say the same for wrenches I've checked for other guys at work. All breaking type wrenches have some form of adjustment and it is usually pretty simple. You are correct about checking against a known reference. Check out the reply from the "oldbiker" in this thread, it may sound primative but it should keep you in the ballpark and believe it or not that is how they calibrate the transducers I use on the CDI2000. To answer your last question, you are supposed to grip the torque wrench squarely on the handle which is usually near the end, if you deviate from that you will change the torque value. Also as "Jay B" stated, when not using your adjustable torque wrench you should back it off to 0 lbs. to relieve the internal tension.
This is for "mick750F" and the rest of you guys out there who have the Deflecting Beam type torque wrenches KEEP them unless it is broken or bent. As far a thier accuracy goes they're really reliable and I feel you won't find a better wrench, in the last 5 years I have only seen one fail a calibration as compared to numerous failures of the other styles and that is usually due to wear. The reply from "Henry Dorset Case" says it all. An as far as using lubrications go you won't see me use any, but "MRieck"'s last sentance in his reply is fair advice especially if there is warranty riding on it.