There were presses at The Budd Company in Philly that they had hydraulic cylinders to tension the studs holding the top of the press on. The cylinders went over the studs first, and then ran the nuts down. Before you started the press you built up hydraulic pressure to put the studs into the correct tension.
There are a lot of better ways to control fastener preload than torque. Caterpillar used initial low torque and then degrees of rotation. Waukesha used a dial indicator to measure elongation.
IMO torque isn't a great way, but it's quick and easy