I'll try to keep this short...
Calibrating your torque wrench for home use is not worth the money; if you are talking about the click type. Over time the spring will compress and the linearity of the wrench will be compromised. A new wrench can be had for about $25 and it will cost you at least that to get one calibrated. Replacing your torque wrench every year or two is good cheap insurance.
I'm sorry if this agitates anyone, but, when it comes to click type torque wrenches, they're all garbage. It doesn't matter if it's a Snap-On or made in Taiwan, they're all mediocre at best. I've worked in a calibration lab for 22 years and seen it over and over. Don't waste your money on an expensive click type torque wrench.
If you just have to have a good wrench get one of these:
They only cost about $325, but they will hold their accuracy much better than a click type.
Tater,
Your method will not work because the wrenches are designed to work with force applied to the handle only. Force applied to any other part of the shaft will yeild false readings. Also, as the wrench handle moves while the head stays fixed you will encounter cosign error and that will also throw off your measurement. Further the speed at which you apply the weight has to be uniform. In the end it's just not worth the hasssle.
NovellRed,
The idea of measureing how much a bolt stretches is truly innovative, but it won't work either. The bolt would have to stretch and recover the same amount and that just won't happen. Also, you would have to have a very stable material to get accurate readings. Then you would need a micrometer with at least .0001" resolution, but .00005" would be better. They are easy to come by, but not easy to use and it takes a lot of practice to get repeatable readings out to that last digit. It took me a while to learn under laboratory conditions.